Jim Ratcliffe describes UK 🇬🇧 energy policy as “crap” in his latest criticism of the country’s biz environment. The #Ineos owner accused the UK govt of "ignoring scientists" by banning #fracking & deterring investment in North Sea O&G with #WindfallTaxes https://www.ft.com/content/a2034753-d9f5-44cd-8bd2-ddb5d76b88c8

Looks like #Centrica (owner of #BritishGass) will confirm massively increased profits from last year... given these stem from the rise in wholesale price(s) not anything Centrica has actually done (other than control gas supply), this should be the rightful target for #windfalltaxes... these are essentially monopoly 'super profits'!

However, I won't be holding my breath! #RishiSunakPM is in their pocket!

As #mobilephone & #broadband operators plan for higher than #inflation in-contract rises this spring, given both are now essentially public-regarding utilities, one can only wonder whether instead of blaming #workers for stoking inflation (rather than, actually, merely chasing it to maintain standards of living), the #Tories might decide to reign in the profiteering of the comms firms instead...

#Energy firms have been subject to (albeit weakly engineered) #windfalltaxes;
is it now Comms' turn?

Are you unsure about the arguments that #BritishGas' owner #Centrica is profiting from the #energycrisis & is maintaining higher (wholesale) prices, using a narrative of 'market pressures' to sustain its profits...

just a leftie conspiracy huh?

Well here's a little bit of data for you:
despite(!!) #windfalltaxes, Centrica's profits went up almost EIGHTFOLD in 2022!!! ...

Unsurprisingly its shares have also risen by over 25% during 2022....

Sharholders are profiting on (y)our misery!

CBC News: CBC News: #JustinTrudeau dismisses pitch to impose #WindfallTaxes on #energy, #grocery sectors as 'simplistic' — Trudeau says the #BankOfCanada is doing what 'it thinks is best for Canadians' / #Canada

https://www.cbc.ca/news/politics/trudeau-interview-economy-windfall-tax-interest-rates-1.6693777

You can bust monopolies (as the #IRA does). You can re-shore key goods (as the #CHIPSAct does). You can get workers working with better wages and child-care.

You can also punish price-gouging companies with #WindfallTaxes that claw back their monopoly profits:

https://pluralistic.net/2022/03/15/sanctions-financing/#soak-the-rich

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RT @christophbals@twitter.com

The #oil sector is expected to have a profit of $4tn in 2022. Urgent need of heavy #windfalltaxes to address cost of crisis & fund clean energy transition. - World close to ‘irreversible’ climate breakdown, warn major studies | #climatecrisis The Guardian https://www.theguardian.com/environment/2022/oct/27/world-close-to-irreversible-climate-breakdown-warn-major-studies

🐦🔗: https://twitter.com/christophbals/status/1586266768288497664