Just watched PMQT on record. I was impressed with Truss. She's clearly really bright and I hope she's as effective. Starmer was feeling her up, sorry, feeling her out and I wouldn't mark him down for that. The cost of the energy bail out is £150bn, as I understand it. Labour say they can collect £8bn max and may be less depending on clever accounting. The cost is that, since these are global companies, they can change their tax domicile and take it further from the UK in future. Frustrating but true. Other large companies will be deterred from setting up or investing here. So, is Labour's policy killing the golden goose? The likes of Shell and BP pay a lot of tax here, and have made losses in past years. Personally, if it was possible, I'd prefer the govt to come to an arrangement with them, or invite an offer similar to that of British Gas
Are you sure about that. Not according to the bbc https://www.bbc.co.uk/news/business-60295177 w much tax do oil companies pay? Oil and gas firms operating in the North Sea are taxed differently to other firms. Taxes on their profits are higher - they pay 30% corporation tax on their profits and a supplementary 10% rate on top of that. Other firms currently pay corporation tax at 19%. But oil and gas firms have been able to reduce the amount of tax they pay, by factoring in losses or spending on things like decommissioning North Sea oil platforms. In recent years, such methods have meant that BP and Shell, for example, have paid almost no tax in the UK. BP and Shell both received more money back from the UK government than they paid every year from 2015 to 2020 (except 2017, when Shell paid more than it received).
I was quoting BBC Politics today. I can't see anything in your post that contradicts that, but if so, please point it out.
Please refer to him by his full name: Brexit Hard Man Steve Baker. However there’s not currently a Minister for Brexit Opportunities. I hope that doesn’t mean there are none given the exciting trade deal with *****lia.
It’s a ****ing brilliant idea to throw a ‘committed evangelical Christian’ into that environment. Bravo.
Unless I'm reading it wrong it says they pay barely any tax and have actually taken more out than taxes paid In recent years, such methods have meant that BP and Shell, for example, have paid almost no tax in the UK. BP and Shell both received more money back from the UK government than they paid every year from 2015 to 2020 (except 2017, when Shell paid more than it received).
Yes, but they can set allowable expenditure against gross profits. All companies can do this. Indeed, if these companies are investing these profits in the UK, that should take the heat out of the windfall tax argument
It’s all a bit irrelevant sadly. These companies could be criminal but the ideological slant of this government is clearly very Austrian school economics, the individual is king, the natural state of man is self interest and conflict, the market rules and should be left to sort everything. You are rich because you deserve to be rich, either through work or inheritance, you are poor because you are lazy, stupid and essentially exist to provide the ballast in capitalist economics. Truss et al genuinely believe that prioritising profit and shareholder value is their job. But even these looney monetarists vaguely understand that a freezing, starving population might just say ‘**** this, we are taking what we need’ and will mortgage future generations (probably in the sincere belief that the ‘market’ will somehow save them’) to offer a freeze on energy prices. Johnson, a pure populist, would have no problem doing this, but these ideologues will really hate it and will certainly not ask companies making a totally unearned massive profit pay for any of it. Last time we had a bunch like this in we ended up with huge unemployment and high inflation for an extended period. The big difference is that Thatcher, Joseph, Whitelaw etc were far more intelligent than Truss, Rees Mogg, Baker and their ilk. Still, they were elected and have a huge majority, so it is what it is.
Sterling hits its lowest rate against the dollar since 1985. Not clear if this is entirely a reaction to Truss.
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