Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

130 billion debt - Truss

170 replies

Stephthegreat · 08/09/2022 06:36

Truss, misguided as she is, has announced a 130 billion bailout for the energy companies. Why saddle our dcs with this enormous debt because, let’s face it, it will be paid back down the line.

Truss completely ruled out a windfall tax.

What next? I fear for our country, we have just had one clown and now we have this no hoper.

OP posts:
carefullycourageous · 08/09/2022 06:44

YANBU, I can't believe that instead of asking the energy companies to share some of their massive profits Truss is just dumping it all on workers/taxpayers.

Even Thatcher supported windfall taxes back in the day Confused

I see the pound has dropped again. Honestly, it feels like they are enemy agents sent to destroy the country from within Angry

MeghansBitch · 08/09/2022 06:46

And from one Tory Twat to another 🤦‍♀️

Lex345 · 08/09/2022 06:46

I don't know what to make of this price cap freeze. It feels a bit one size fits all/lazy approach.

Original poster
Stephthegreat · 08/09/2022 06:57

Yes, I noticed the pound has dropped again.

with so many capable, intelligent, educated and, well, rational people....why Truss? How have we ended up with one turkey (Johnson) and then another?

OP posts:
Flapjacker48 · 08/09/2022 06:59

Truss is an airhead.

Original poster
Stephthegreat · 08/09/2022 07:01

putin is right for once, the UK system for electing a leader is undemocratic.

OP posts:
jgw1 · 08/09/2022 07:03

There are three things I don't understand.

The wholesale price for gas has been dropping and yet our bills will still go up. (Probably related to the weakness of the pound).
Why my electricity that is entirely renewably generated has anything to do with the price of gas.

Why anyone thinks that the price of gas is suddenly going to massively go down, and therefore delaying paying for the gas we use now is a good idea.

TooMuchToDoTooLittleInclination · 08/09/2022 07:04

WE will be paying higher energy prices for a LONG time to repay this borrowing.

The Wholesale Energy giants have said a windfall tax won't impact on them investing in Green Energy.

I think, under the circumstances, a windfall tax wouldn't stop other companies investing in the U.K.

carefullycourageous · 08/09/2022 07:04

One thing that is upsetting me a lot is the Tories scrapping their manifesto commitment to ban fracking - expecting applications to frack within WEEKS - when experts say it will not make any difference to energy prices.

So trashing the country for no reason other than to make profits for fracking companies.

Imthedamnfoolwhoshothim · 08/09/2022 07:05

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

itsgettingweird · 08/09/2022 07:06

Truss is worrying.

She's very clear about her plans and seems to be able to explain her rationale and stick to her guns. This is good in that the opposition can challenge effectively and the general population get some information to question.

Because yes - she is happy to saddle the future generations with this debt and she also very clearly announced she thinks those who work should receive the help (and was clear she felt those who couldn't work shouldn't be)

And no one disagrees debt shouldn't be paid or borrowing shouldn't occur. We did it previously for the war and it was paid off in 2007(?).

But here there is a solution which doesn't require borrowing. Why should energy giants profit from war?

She's already lowered the value of the pound and raised inflation. Not bad for her first 24 hours in the position Hmm

ForfuckssakeEXHstopbeingatwat · 08/09/2022 07:07

Well it's not the energy companies that would be taxed, its the oil and gas suppliers like Shell etc. My understanding is that Truss is keen on refocusing on the growth of the economy, which requires businesses to invest in the UK which they are unlikely to do if a windfall tax is imposed.

I like the idea of the freeze because unlike most other solutions so far proposed it actually helps all domestic consumers ..whilst there are a few for whom the increases were not a problem, the vast majority of households desperately need this sorted out "at source". I'm one of those single income households, earning just too much to get any help from UC etc but with no headroom for large increases. The national debt is a rolling problem and was ever thus, the country was paying back America for decades after WWII. No doubt other crisis will occur in the future that our children Will have to deal with in the same way.

What she does need to do is ensure small business, not subject to the cap are sorted out too.

ZenNudist · 08/09/2022 07:11

She's trashing the country more than ever. I bet her rich cronies are happy though.

carefullycourageous · 08/09/2022 07:14

ZenNudist · 08/09/2022 07:11

She's trashing the country more than ever. I bet her rich cronies are happy though.

According to her CV Truss used to work for Shell - judging from her policies she still does Angry

Giving billions of taxpayers' money to energy giants is really bloody galling. That is all money we will have to pay back and that then can't be invested in priorities like healthcare. Energy companies themselves accept their profits have been artificially inflated.

jgw1 · 08/09/2022 07:14

ForfuckssakeEXHstopbeingatwat · 08/09/2022 07:07

Well it's not the energy companies that would be taxed, its the oil and gas suppliers like Shell etc. My understanding is that Truss is keen on refocusing on the growth of the economy, which requires businesses to invest in the UK which they are unlikely to do if a windfall tax is imposed.

I like the idea of the freeze because unlike most other solutions so far proposed it actually helps all domestic consumers ..whilst there are a few for whom the increases were not a problem, the vast majority of households desperately need this sorted out "at source". I'm one of those single income households, earning just too much to get any help from UC etc but with no headroom for large increases. The national debt is a rolling problem and was ever thus, the country was paying back America for decades after WWII. No doubt other crisis will occur in the future that our children Will have to deal with in the same way.

What she does need to do is ensure small business, not subject to the cap are sorted out too.

@ForfuckssakeEXHstopbeingatwat

You are aware I am sure that if the government which Liz Truss was a member had not reduced the amount of investment in green energy and insulation, but instead increased it, even by a fraction of the cost of this bailout for Shell et al, then the crisis would be orders of magnitude less bad.

Jennybeans401 · 08/09/2022 07:14

This is just the start,it will be worse with her because she takes herself very seriously and is more far right than Johnson.

Gor Biden to phone her and tell her to leave NI policy alone is a sign other world leaders don't trust her.

Jennybeans401 · 08/09/2022 07:15

*For

MarshaBradyo · 08/09/2022 07:16

ForfuckssakeEXHstopbeingatwat · 08/09/2022 07:07

Well it's not the energy companies that would be taxed, its the oil and gas suppliers like Shell etc. My understanding is that Truss is keen on refocusing on the growth of the economy, which requires businesses to invest in the UK which they are unlikely to do if a windfall tax is imposed.

I like the idea of the freeze because unlike most other solutions so far proposed it actually helps all domestic consumers ..whilst there are a few for whom the increases were not a problem, the vast majority of households desperately need this sorted out "at source". I'm one of those single income households, earning just too much to get any help from UC etc but with no headroom for large increases. The national debt is a rolling problem and was ever thus, the country was paying back America for decades after WWII. No doubt other crisis will occur in the future that our children Will have to deal with in the same way.

What she does need to do is ensure small business, not subject to the cap are sorted out too.

I agree it’s important for small businesses otherwise we’ll see many crashing out

Southeastdweller · 08/09/2022 07:23

The amount of debt we’re already in - Brexit, lockdowns, helping Ukraine - and how this will be paid back frightens me.

justfiveminutes · 08/09/2022 07:25

I think a windfall tax sends a very clear message to any business thinking of investing in the uk, and am not disappointed that it's been ruled out. I think it would have had very negative, long-term consequences.

I'm relieved that my bills won't go up anywhere near as much as I expected, and that the cap will contribute to inflation falling faster and lower than expected.

I suppose it could have been tapered or something, depending on household income, but this blanket approach will be quicker and cheaper to implement.

I didn't vote Tory and don't think much of Truss, but think this was the least-worst option.

I'm more interested in what they're going to do to make sure we can't end up in this situation again.

CourtneeLuv · 08/09/2022 07:28

She could use a fraction of that to nationalise all the utilities.

Fucking disgraceful.

Flapjacker48 · 08/09/2022 07:32

@CourtneeLuv please explain what you mean by "nationalise" the utilities (which utilities?) and how this would help lower bills? Or are you just spouting something you have read somewhere?

MonkNun · 08/09/2022 07:34

It’s OK, I’m sure Truss can pay it off by buying a new, more energy efficient, kettle.

Notonthestairs · 08/09/2022 07:38

We are going to paying this back for a very long time - whilst companies are making £170 billion excess profits.

And fracking (which will be given the Government's go ahead today) isn't the answer to this problem.

I'm not going to believe much the Government says until they are honest about tax cuts meaning cuts to public services (or are they intending to borrow for too?)

BluOcty · 08/09/2022 07:39

I agree it's grossly disappointing. These aren't everyday profits but profits from war. Fucking fossil fuel generation - it's blighting the planet and we're about to pay them a huge chunk from our kids' future?! We need to be using this cash to insulate, and invest in renewables so that our kids can have a life on this burning planet.