energy price cap

Tax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

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Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0
Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0

Commenting on the new energy price cap announced today by the Regulator Ofgem, that could see a 13% increase in a typical household’s energy prices, Hannah Spencer, Green MP for Gorton and Denton, said:

“Today’s Ofgem price cap announcement will leave so many people even more stressed out and worried about affording their energy bills. Millions of people are already struggling to make ends meet, and it is unacceptable that energy costs continue to shoot up whilst BP’s profits double. 

“We need immediate government intervention. Rachel Reeves needs to step in and freeze the cap before energy bills go up on July 1st. And if she’s wondering how to pay for it, there are some people doing very well out of this crisis. The government should start by taxing every penny of the huge windfall profits oil and gas giants have made since the start of the illegal war on Iran.

“Our energy market is incredibly unfair, built to line the pockets of shareholders whilst working people foot the bill. It’s a damning indictment of rip off Britain that simply keeping our homes warm enough in winter and cool enough in summer has become a luxury very few people can afford. We need urgent action, now.”

Continue ReadingTax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

Households set to be £400 worse off this tax year, report finds

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https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Money stacked on top of a council tax bill

WORKING-AGE households are set to be an average of £400 worse off in the year ahead amid income squeezes and bill hikes, the Resolution Foundation has warned.

A new report by the think tank estimates that the disposable income of a typical household will fall by 1 per cent, while those across the poorest half of Britain are set for a sharper 2 per cent fall, losing the equivalent of £300.

One contributing factor is council tax rises, with households facing an £80-per-year average increase as rates rise by 5 per cent across most of England, 7 per cent in Wales and 9 per cent in Scotland.

Above-inflation increases in water charges will hit even harder, pushing bills up by an extra £120 on average.

Ofgem’s 6.4 per cent increase in the energy price cap adds another £111 a year on average from this month, although the Resolution Foundation believes that the impact of the change will be limited, with prices expected to fall in July.

Working-age benefits will not keep pace with inflation this year, the think tank warned, with April’s 1.7 per cent boost falling short of the 3.2 per cent consumer prices index rate projected for this year.

Meanwhile, private rents have risen by 9 per cent since the local housing allowance was last set.

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Article continues at https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Continue ReadingHouseholds set to be £400 worse off this tax year, report finds