Reply to: Windfall taxes on energy companies

[ChimpMaster]

The problem is this - even if the government get the windfall taxation, they will waste the money. They will pump a small % of it back to the needy, and spend the rest on wasteful pipe dreams.

The problem does not lie with these "successful" companies - it's the government's mis-management of finances. They simply like to try and take the heat off themselves with these proposals now & again.

If only to be fair - these energy companies should not raise prices any more than it is necessary to provide shareholders with a reasonable income, and for some re-investment.

I guess this time it's thanks to the Conservatives for privatising essential services, forcing them to become profit oriented and stripping them of social responsibility.

[David Cameron]

When I am your leader we will not impose a windfall tax! But we will ensure all hard working Britains get a fair deal by taxing the huge profits of these corporations in a one off tax!

[Old Greg]

I'd like to see swingeing winfall taxes with 90% going straight to pensioners and the rest invested in government IT projects. If I was Brown I'd do it to give me some electoral glimmer of hope.

[PorkPie]

What is it about this country that we knock what is successful. If you want someone to blame for the price of petrol look closer at the government rather than Shell or Esso.

Most of what we pay at the pumps goes into the coffers of Mr Darling, our petrol before tax is amongst the cheapest in Europe. It is only after the tax is imposed that it becomes the most expensive. Maybe we should impose a windfall tax on the government! but given that is not possible hows about a P45 when the next election comes around.

For the record Zat I am against the windfall tax. It is a very bad message to be sending out to business in general, which will only have a negative effect on the economy in the long run. Also, I don't think it is justifiable; the government's mismanagement of the economy have got them in this state; it shouldn't be down to successful companies to bail them out. BG make profits of about 1-2%; much lower than most other companies; they just shift that much of the stuff. Also don't forget that private companies are ultimately owned by shareholders; you and me; and they are taking more money directly out of your pockets by levying this sort of tax, despite "encouraging" people to save and invest. The government should sort out their own mess.

(Incidentally I wasn't postulating that "IT contractors are next" in the wording of the poll, it was purely illustrative of the sort of precedent that a windfall tax sets).

[BA to the Stars]

It's only fair

[oracleslave]

That's blocked here...

Pic of cyclops next to a tosser sign. He has a facial expression that makes him look like he needs a good fart.

[Cyberman]

I agree, if they were a monopoly. But I buy gas and electricity from NPower, not British Gas, so how can British Gas be a monopoly?

If they can make money charging more than their competition for an identical product, then good luck to them.

Not everybody has a credit rating that allows them to move suppliers on a whim. Therefore, this parasite company can exploit the poorest members of society with these excessive increases. Thus to all intents and purposes they are acting as a monopoly.

[HairyArsedBloke]

Every penny would go to "hard working families". Trust me.

That makes me feel better. It's good to know you are "on our side".

BTW, found this nice picture of you.

[TimberWolf]

OFGEN or whoever they are that supposedly protects the consumer from profiteering needs shooting.

Monopolies commissions should be more competitive.

[DimPrawn]

I agree, if they were a monopoly. But I buy gas and electricity from NPower, not British Gas, so how can British Gas be a monopoly?

If they can make money charging more than their competition for an identical product, then good luck to them.

I reckon all the UK power suppliers are in a Cartel. Each one puts its prices up a few weeks after the other and the cycle of price rises begins again.

OFGEN or whoever they are that supposedly protects the consumer from profiteering needs shooting.

[VectraMan]

I think there is a special case for a windfall tax here, as long as the extra money is directed at pensioners. These gas companies are virtually monopolies and no way can a 35% rise in charges be justified when profits are already 1 Billion pounds.

I agree, if they were a monopoly. But I buy gas and electricity from NPower, not British Gas, so how can British Gas be a monopoly?

If they can make money charging more than their competition for an identical product, then good luck to them.

[Cyberman]

I think there is a special case for a windfall tax here, as long as the extra money is directed at pensioners. These gas companies are virtually monopolies and no way can a 35% rise in charges be justified when profits are already 1 Billion pounds.

[zathras]

OK, what does the panel think? Justified for a more equitable society, or a socialist tactic destined to cause more harm than good by a bankrupt government with little understanding of business and capitalism?

Poll to follow

What is it about this country that we knock what is successful. If you want someone to blame for the price of petrol look closer at the government rather than Shell or Esso.

Most of what we pay at the pumps goes into the coffers of Mr Darling, our petrol before tax is amongst the cheapest in Europe. It is only after the tax is imposed that it becomes the most expensive. Maybe we should impose a windfall tax on the government! but given that is not possible hows about a P45 when the next election comes around.

[lilelvis2000]

The later.

I see the Government does not recognise its own windfall in these hard times. The increased tax take due to increases in all kinds of goods does not seem to be prompting them to reduce tax.

The government is very quiet right now. IMHO they haven't (don't) promote energy effeciency enough. All they know how to do is tax and fine...which is all they are innovative at doing.

[ace00]

I'm against it. The entire concept is un-just, essentially: "You've made a lot of money and we're going to take some off you". I do have an issue in this particular case with companies that profit from the extraction, processing and distribution of resources having their cake and eating it, and this should be regulated. You won't here me say that often!