Labour's " Red Bus " mantra on energy companies have 170bn in profits, this is an assumptive figure , so totally misleading and they know it.This number was tweeted out by Starmer, Miliband and Rayner .

Labour's own number on additional windfall tax revenue was 8 billion, which a lot of cash but less than 10% of the likely cost of the energy bail out which Truss is likely to announce.

If there is an alternative to borrowing then someone please say what it is.

This in economic terms is war time event, we need to look forward not back.

You cannot shrink an economy to health.

Labour are of course unhappy that the Govt is adapting it's policies to the situation, which may well include policies Labour have been asking for.

They realise that in a couple of years if things have improved voters won't care who claims authorship of the solutions

* I have amended this post for accuracy

Edited by HKOwen (08 Sep 2022 1.32pm)

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

Not correct

UK gas producers and electricity generators may make excess profits totalling as much as £170 billion ($199 billion) over the next two years, according to Treasury estimates that lay bare the revenue-raising potential of a windfall tax.

I would like to see that too.

If correct I shall gladly withdraw the thread

The Treasury estimate of 170 bn ( guess ) is based on the assumption that every worst case scenario happens between now and end of 2024.

The Treasury has a vested interest in derailing Truss as she seems determined to shake things up.

Anyway, the point is Labour are throwing this number around as fact which it is not.

Edited by HKOwen (08 Sep 2022 11.56am)

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

That's the same article I read, totally assumptive yet Starmer throwing out the number as fact.

I would certainly agree it is not a global figure as I noted earlier so my error there.

I have amended the OP accordingly

Edited by HKOwen (08 Sep 2022 1.33pm)

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

The Labour communications strategy is to keep stressing the "£170 Billion" of profits,a figure they want us all to dwell on.

This is totally misleading as it relates to GLOBAL profits.
Only a fraction is taxable in the UK - Total profits for UK energy companies in the UK was £30 bill in 2021,this will rise to £40 bill in 2022 and this is already taxed at a rate of 65%.

You have your sources and I have mine.

I have perused the work of Joe Armitage,Lead Analyst at 'Global Counsel'.
We are clearly on opposite sides of the house on this matter.
I support Liz Truss, I am opposed to a further Windfall Tax, nothing more I can add to this discussion.

Edited by Willo (08 Sep 2022 2.30pm)