I have been asked a few questions about my position on a Windfall Tax on oil companies.
Yes, I would support a one-off tax on the massive profits oil companies are making but this is NOT a long-term solution. Just a few years ago these companies were making losses so a Windfall Tax would not have raised a single penny so therefore would not have helped anyone. It is worth noting these companies already pay 30% corporation tax plus a 10% surcharge – this provides billions of pounds to our Treasury. A few people have asked me why I voted against Labours Windfall Tax amendment and the answer is simple. It was poorly thought out and their maths just do not stack up. They originally said a tax would raise £1.3 billion and now they are saying its £3 billion which works out at £120 per household and NOT the £600 some people are quoting. I want to go even further which is why I have been lobbying Government to scrap the Green Levy and VAT on domestic fuel. This would be a real long-term solution making a real difference to people’s pockets.
I also voted against Labour because the Chancellor has NOT ruled out a Windfall Tax, but he has to make sure it is done in such a way that it’s a fair policy for everyone. The Labour Party do not have a good record on the economy and its all well and good coming up with a policy, but the hard part is implementing to make sure it works. The Labour Party and the Lib Dems are against us taking more gas from under our feet which would help reduce prices so I will take no lectures from them. Furthermore, the Labour Party and the media conveniently forget to mention that this amendment was part of the Queens Speech and MPs of a Governing Party do not effectively vote against their own pledges. That’s the case for everyone.
Over the past few weeks many of us have met with the Chancellor to discuss ways of helping people with their fuel bills including a Windfall Tax on top of the £3 billion that has already been given out for fuel bills.
So, in a nutshell yes, I would support a one-off Windfall Tax on oil companies making obscene profits but like I say this does not solve the long-term problem and is just a sticking plaster. I want to see:
1. One year Windfall Tax which could save each household about £120
2. Scrap the Green Levy and VAT on fuel – saving another £200 or more
3. A sensible debate on fracking – the USA pay a tenth for their domestic gas
4. A realisation that our Net Zero policy whilst a good and noble idea it is not helping people in the ‘here and now’.
5. Let’s be self-sufficient on domestic fuel – this is possible.
I also see the Ashfield Independents are having a go at me again last week over the economy so I would just remind the rate payers of Ashfield that our council has £100 million worth of debt which is deeply disturbing so I will take no lectures from them.
