“Bills can’t be allowed to spiral out of control. And hopefully the billions paid by energy giants in windfall taxes can help ordinary households cope with the cost of living crisis.”
Scottish Power is raking in huge profits as a result of energy prices soaring. Yet many Scots are stuck in fuel poverty unable to pay sky-high bills.
That’s why UK Government plans to raise the tax on excess profits made by some electricity generators are welcome. Utilities giants like ScottishPower are raking in scarcely believable amounts of money at a time of conflict in the Middle East caused by Donald Trump.
The company’s Spanish owner yesterday reported profits of £1.6billion for the first quarter of this year. This is at a time many Scots households are struggling to pay fuel bills.
The sun might finally be shining after a cold start to spring, but the cost of energy is an ever-present fear for many. The UK Government will soon charge a tax rate of 55 per cent of excess profits, up from the current 45 per cent.
Labour ministers remain fearful that the overall cost of living could spike sharply due to events in Iran. If it does, the demand for government intervention will grow louder. And a tax rate of 55 per cent will seem overly generous.
John Swinney has demanded Holyrood is given powers over the energy market. But the chances of that happening in the medium term are zero. Action is required in the here and now.The same goes for calls to bring utilities firms back under public control.
This could take years, if not decades. Bills can’t be allowed to spiral out of control. And hopefully the billions paid by energy giants in windfall taxes can help ordinary households cope with the cost of living crisis.
This is about basic fairness. Energy giants have a social responsibility as well as one to their shareholders. Households should not be scared of running a hot water tap while thousands are plunged into poverty.
King takes lead
King Charles is reported to have impressed Donald Trump during frank discussions on the Iran war. Both heads of state agree, says Trump, Iran should not have nuclear weapons.
Most sane people around the world would agree with that position. Unfortunately, Trump’s disastrous Iran war has done little to dent Iran’s nuclear ambitions and has plunged the world into a fresh economic crisis.
But the King has skilfully tiptoed through the challenges of dealing with Trump during the state visit. He has reminded our US allies there is plenty to unite us across the Atlantic.
And he has reinforced the message that the world is a better, safer place when the UK, Europe and US act together.
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