Cost of living: We cannot rule out a windfall tax, says minister

5/23/2022 1:15:00 PM

Government cannot rule out windfall tax on energy firms says UK minister

Government cannot rule out windfall tax on energy firms says UK minister

Simon Clarke will not confirm a levy on energy firms to tackle rising costs, but promises pragmatism.

A windfall tax is a one-off tax imposed by a government on a company or group of companies - the idea being is to target firms that were lucky enough to benefit from something they were not responsible for - in other words, a windfall.Labour, the Liberal Democrats and the SNP have all called for a windfall tax on oil and gas firms, which have seen record profits since the economy restarted after the pandemic.

The parties said the money could be used to support those worse affected by the rising cost of living, with bills for food, fuel and energy rocketing, and inflation hitting a 40-year high.The government had initially rejected the idea, warning it could deter investment from energy companies into the UK.

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Well do it then *cartels Government will introduce windfall tax on the day sue Grey report is released Shopping trolley coming... In other words 'we thought we could get away with forcing millions into poverty, but too many see its all our fault so we'll tax the energy firms a little to prevent revolution' ToriesOutSaveLives

Why don't the energy providers give a rebate to each customer of £50 per gas or electricity account per month for next six months then review before Gov put there ore in & find a completely complex way to return the wind fall tax. CostOfLivingCrisis electricity WindfallTax Just a minute please let us move our stock holdings out of the companies before you impose this.

Why don't you help people who are too unwell to work yet if just unemployed get everything Hubby forced to finish work was off long term due to cancel heartfailure yet cannot get pension for another 12 months yet got no help with bills Yet voted against it in parliament. Everything is just popularist junk from these people.

Look my naked photo ❤️😘

How to cope with the rising cost of livingMillions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all Easy, eat less, cold showers (don't use too much water), freeze when cold (you can't stay in bed because you got 2 jobs), don't buy presents for kids, cancel Xmas, no holidays to anywhere - in fact don't have a life. But pay your taxes. The Tory solution.

Rebekah Vardy claims Wagatha Christie row cost her lucrative dealsVardy claimed in a witness statement that Rooney's accusations of leaks to The Sun had lost her work - including a book deal and an endorsement for placenta pills centred around her fifth pregnancy Who on earth was hiring either of these chavvy women to do anything? They’re faux famous for marrying men who used to play football (but never managed win win a cup for England) - stop making stupid people famous. wagathachristie

Boris must get a grip on cost of living crisis or LOSE next electionVoters in an exclusive poll for the Daily Mail have declared they want immediate action to help with the cost of living crisis as it is revealed Brits are already making sacrifices Please STOP calling him “Boris” Both the many that loathe him and the few that love him call him Johnson or the Prime Minister Or a **** He’s not your friend and his actual name is Alexander The only thing he grips are his uncontrollable gonads. Ever time I see his picture. He's holding his forehead. Sometimes with his left hand, sometimes with his right.

DAILY MAIL COMMENT: Act now on the cost of living... or you're outDAILY MAIL COMMENT: The message from voters to the Tories today is loud and clear: Get to grips with the cost of living crunch or lose the next election. Perhaps he could start by insisting that all newspaper owners pay taxes in this country rather than registering their companies in tax havens. The money raised could be passed on to the poor who don't enjoy the luxury of dodging taxes. let's not forget...he caused it....with his money printing and ruinous lockdown he knew what he was doing too..... Finally waking up are you suddenly realised you’re done in the USA done in Australia soon to be done in the United Kingdom

Cost of living: Former Tory leader calls for benefits increase to help poorest copeAmid spiralling prices, the government is under pressure to take further action, with splits over the potential to raise money through a 'windfall tax' on the profits of oil and gas companies. What's next universal basic income. How to live of the state . They know they risk losing their seats, now they are beginning to panic

Rebekah Vardy claims Wagatha Christie row cost her lucrative dealsVardy claimed in a witness statement that Rooney's accusations of leaks to The Sun had lost her work - including a book deal and an endorsement for placenta pills centred around her fifth pregnancy What career? 🤣🤣🤣 Not sure we have the same definition of career Career?

Cost of living: What are Rishi Sunak's options? A windfall tax is a one-off tax imposed by a government on a company or group of companies - the idea being is to target firms that were lucky enough to benefit from something they were not responsible for - in other words, a windfall.has warned that more people will fall into debt as they struggle to pay bills and other commitments.Vardy has said the 'Wagatha Christie' sting resulted in lost brand deals for her.Voters in exclusive poll for the Daily Mail have declared they want immediate action to help with cost of living.

Labour, the Liberal Democrats and the SNP have all called for a windfall tax on oil and gas firms, which have seen record profits since the economy restarted after the pandemic. The parties said the money could be used to support those worse affected by the rising cost of living, with bills for food, fuel and energy rocketing, and inflation hitting a 40-year high. So how can people cope with rising costs and what help is available? How worried should you be about the rising cost of living? It’s easy to feel panicky and overwhelmed by the headlines right now, which are saturated by the cost of living crisis. The government had initially rejected the idea, warning it could deter investment from energy companies into the UK. She claims she lost a book deal and a placenta pill endorsement because of Rooney's accusations. But as costs continue to rise - and another energy price hike looms in the autumn - the language from Downing Street has softened, with both the prime minister and chancellor leaving the policy on the table. “One in three [households] say thinking about their financial situation makes them feel worried and nearly half admit they don’t feel confident in managing their money day to day,” he says. A number of Conservative backbenchers have also come out in favour of a windfall tax, increasing pressure on the government to act - with former Treasury minister Jesse Norman telling Today it was needed in these "extraordinary times".

'Targeted action' Mr Clarke refused to confirm if the measure would be introduced though, saying: "We want to make sure that when we do act we act on the basis of the evidence, understanding the problem in its full dimensions and crucially that we don't deter investment in North Sea oil and gas. It’s normal to experience money worries, but it‘s better to face them rather than ignore them." He highlighted policies already put in place - including the £150 council tax rebate - to support people with rising costs, before comparing the government's actions in the pandemic to the government of World War II. "In the same way the Churchill-led government in the 1940s had no choice but to resort to extraordinary measures to deal with world war, we have had to do extraordinary things which during peace time is the most dramatic series of events ever to affect this country," said Mr Clarke. You may find that you’re not in as much trouble as you think you are, Jasmine Birtles of MoneyMagpie says. "It is in that light that we approach the questions that confront us in the autumn ahead." He added: "We want to make sure any action we take is targeted and effective, but we are certainly not going to rule [a windfall tax] out on principle in face of what is such an extraordinary situation. It could be genuinely helpful to switch off the TV, take a deep breath, and take a look at your own circumstances because it’s quite possible that they’re not as bad as has been suggested.

" After that once in a century pandemic and the colossal economic intervention that followed, now the question is about this almighty economic crunch and what to do about it. What we are seeing in public - and it rages in private too - is philosophy and ideology smashing into reality. Sol, who authored , a guide to fixing finances, tells The Independent : “I would always say to start with budgeting. In other words Conservatives instinctively don't like windfall taxes appropriating the profits of a sector that has just happened to do very well. But the energy companies have had a genuine windfall, and senior figures in government are pretty grumpy that in various meetings with the oil companies, they just don't seem to get it - they have raked in enormous profits and not really helped themselves, as someone put it to me last night. “Use an app that’s linked to your bank account so that you are constantly tracking your money and can see clearly what’s coming in and what’s going out. So this U-turn looks increasingly likely, but there is some hesitation in grabbing the handbrake - there is a discussion on whether to do it, how to do it, when to do it and then what to do with the money that's raised.

Plus there is a nervousness too that it is it not a panacea - that if it happened, people would be back at the government's door next week saying, 'what are you going to do next?'. “Once you understand your spending, you can re-prioritise things. There is a battle going on internally between pain relief, as it is described - short term fixes that can help people right now; and what is seen as surgery - boosting the economy for years to go, with an argument with if you spend a pound now, you can't spend that pound again on a new train line or power station later. The government is also facing calls from a former Conservative Party leader to increase universal credit in line with inflation.” Use an app that’s linked to your bank account so that you are constantly tracking your money and can see clearly what’s coming in and what’s going out Bola Sol Hill adds: “It doesn’t have to be hard to get started [on budgeting] – there are plenty of free budgeting tools available online, like the MoneyHelper Budget Planner, which will help you understand exactly where your money is being spent, and how much you’ve got coming in. Sir Iain Duncan Smith told BBC Radio 4 that the biggest problem the country faced was a recession which would "hit the poorest the hardest". And he criticised the Treasury's "group think" for delaying the support that was needed. Incoming and outgoing transactions fluctuate depending on our needs, so it’s good to stay on top of them, Hill says.

Mr Clarke said the government had already taken "decisive action" on universal credit by changing the taper rate - the amount lost by working claimants if they earn more money. But he ruled out the return of the £20 a week uplift that was introduced during the pandemic. If you’re not using a particular subscription, check if there are any exit penalties and cancel where you can. View comments .