130 billion debt - Truss

[Stephthegreat]

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.

I think this argument is rot.

Europe is about to implement a windfall tax. The companies themselves have said they are open to higher taxation. Thatcher implemented windfall taxes when they were appropriate and she is held up as the pro-business guru.

The only people who do not want a windfall tax are those who are happy for business to profiteer - not simply profit - from this crisis. The priority must be the economic security of Britain and the health/security of the British people.

This is not the least-worst option at all. You can see how the markets are reacting as the pound has fallen again. Choosing to put extra debt onto the balance sheet when there is another viable alternative - windfall tax - is not only unfair to taxpayers but also reckless.

In theory I'm happy for Truss to trash the Tory reputation on the economy but as a taxpayer and someone who really cares about Britain I am extremely worried. I feel about Truss basically the way I felt about Corbyn - she's too extreme (albeit the other direction).

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

This is why.

Also what is the point of giving me a small tax cut now whilst also handing more of my money to energy companies so that I will have to pay far more tax in future? It is nonsense.

We should also be finding ways of reducing energy use - and also looking at high energy users who 'waste' energy on unnecessary gadgets - effectively we are all subsidising people who waste energy.

There are more targeted solutions - and this would reduce the overall cost. As if people don't reduce their energy use, the price of gas will only increase. As will the cost of this subsidy

Have I understood Truss' plan correctly.

My wealthy grandfather will have to pay less on his energy bills now, so that my daughter who isn't currently a bill payer can pay for my grandfather's energy use sometime in the future after his death?

If we had lead with debt announcements during pandemic it could have helped stop the demands for higher and higher spending. There weren’t many on mn who were worried and those who were were given a hard time.

I’d have pushed some of that debt to this crisis.

I did hear someone speak clearly from OEUK (body for offshore) speak about windfall tax and put out reasons. People may disagree but I found it useful to have more information to try and weigh up sides

oeuk.org.uk/new-windfall-tax-proposals-risk-untold-damage-to-national-energy-security-warns-offshore-energies-uk/

Why is it ok to support borrowing for covid/lockdown/furlough etc. to “protect the vulnerable” - but further borrowing to “protect the vulnerable” from lack of fuel isn’t ok?

were we to progress along the path of “windfall taxes” - where would that bring us next year? And the year after? And 2030? Ad infinitum.

bringing our fuel back on-shore brings in the longer term cheaper, more sustainable energy solutions along with employment growth opportunities.

I live fairly close to one of the UK’s largest gas and oil terminals and whilst we’re producing a “shit ton”, we’re exporting over 70% because we don’t have the means to keep it here. Bonkers.

there is no simple solution - this is a hard lesson in globalisation- ‘course Jimmy Goldsmith could’ve told you this 40 years ago.

Can someone explain how the magic money tree in the number 10 garden works please?

It's had a good shaking over the past few years. Can we just keep shaking it every time something bad happens?

We are lucky - we have inheritance investments to the tune of tens of thousands sat "in the bank"

Why should we get any help???

I'd much rather we got nothing and this was far more targeted. It's bonkers.

Do you think this is targeted?

If I have a massive mansion, heated swimming pool, jacuzzi and am a massive energy user - why should my rising energy costs that are wasted on such luxuries, be subsidised by future tax payers?

Maybe a certain amount of energy should be subsidised but above a certain amount, you pay the going rate?

*based on circumstances

Tories sure love that magic money tree. God forbid a multi-billion pound company is taxed more.

Actually I think tiered usage is an excellent idea - and definitely one we should utilise from here on out.

the problem is, we should’ve (I say “we”, I’m not in the corridors of power) should’ve thought about years ago, along with not sending the majority of our resources overseas only to buy back. 🤦‍♀️

You understand perfectly. Shell's profits are the priority for Truss.

Spot on.

Or but think of poor Zahawi's horses...

"Forty-three members of the House of Lords have a financial stake in the oil and gas industry, prompting accusations of “unethical” conflicts of interest.
Analysis by The Ferret news websitee_ shows that 33 of them own shares worth at least £50,000 each, across 19 fossil fuel companies. Ten more have jobs in the sector – advising firms, or acting as chair or director.
Almost one in ten Conservative peers has financial interests in oil and gas. A further 17 peers without political affiliations also have financial interests in the sector, as do three Labour peers. Five of the 43 are Scottish politicians"
www.opendemocracy.net/en/dark-money-investigations/43-lords-have-financial-interests-in-fossil-fuel-industry/

Zero confidence in her and what the Tories will do next. Worrying times

By the time the GE comes around, the same shit about not trusting the economy to Labour will come out, people will thank our bountiful leader for the tax cuts, our public services will be non existent and Labour will be blamed for not opposing strongly enough. The Tories will get elected again. Crazy isn't it? 13 years in power. How is anyone's (with the exception of multimillionaires) life materially better ad a result of Tory rule?

Why in Tory eyes is it so acceptable to give handouts to businesses?! I'm so furious at this approach. Why the hell should our taxes go to billionaire businesses?!

It's mad. I simply can't believe we suffered years of austerity to bail out the financial sector, and to pay it back, listening to yards of Thatcherite bollocks about good economics means balancing the books. That was bad enough, and they used to to justify slashing and burning plenty along the way. Then this lot, from the same party, swan along and tell us it's fine to borrow the value of the Uk in a year, then more.

This should make it clear to us all that anybody could do their job. They make it up as they go along. They charge the rules to benefit their own careers and political circumstances. They slag each other off like children for carrying out the exact same policies at different times. They refuse to explain their plans to us whilst touting for our votes. Oh, and they always, always help out their business mates.

In this instance, of course, the gas people donated to them in in first place, as well.

They are useless fuckers and I'm sick of them all.

The overall masterplan is to keep accruing debt until the UK is bankrupt and then sell it cheaply to China.

Boris & Carrie have already been sighted looking at chateaus in France on the pretext of being closer to Stanley in old age...

What happens NEXT winter when the price of gas massively increases?

How much will this cost us?

Interest rates are going to have to go up far more than they otherwise would because of this. The woman is insane
twitter.com/Peston/status/1567516606183473153?t=q39Ie4vRDsY4RtX4ui-2yg&s=19

This. My DM and parents in law also admit they don't even need their winter fuel allowance dished out solely based on age. It just goes into the pot.
My student son would benefit greatly though.

Got to maintain the salaries and bonuses of the city.

I'mnot sure if this is the best place toi put this but didn't seem woroth it's own thread!

My first thougth when they said that they would cap bills at £2500 was that I'll easy hit that - so won't everyone think the same and most people won't bother with what they've been doing to try to reduce energey usage? Everyones house will be toasty warm all winter safe in the knowledge they've hit the maximum spend anyway and the coutries energy usage will go through the roof? Or am I being really stupuid and missing some important detail?!