LONDON (Parliament Politics Magazine) – As the April price spike approaches, Boris Johnson has said that he will lay out an Energy Independence Plan in the “coming few days.”
Mr Johnson said at Prime Minister’s Questions that his government has to address the long-term effects of the rise in energy prices.
Sir Keir Starmer pushed the PM to force the Treasury to reverse its position on government support for working families.
In the face of escalating energy costs, Starmer appeals for more help.
It’s in complete shambles, Sir Keir remarked of the financial assistance promised to households when their bills rise.
The average energy bill is rising up by £700 in the coming month, Labour leader Ed Miliband said, and the reason is the pressures before Ukraine was invaded by Russia.
The chancellor’s solution: a forced £200 loan for every household, repayable over five years in required payments.
The policy’s primary bet was that energy prices would swiftly fall following a brief surge. That wager now appears to be doomed to fail. When will the PM compel the chancellor to reverse his decision?, he added.
Labour leader Ed Miliband has called for a Windfall Tax on North Sea oil and gas corporations’ excess profits, accusing the government of “putting energy profits before working people.”
The Prime Minister confirms that the energy plan would be unveiled in the “coming few days.”
Mr Johnson said that his government has announced a £20 billion package of assistance to help people cope with growing prices, and that it “will continue to do more.”
He continued, “I think a U-turn is the last thing people want.”
In addition to all the other programmes that the government is bringing forward, the chancellor has laid out plans to aid families with energy expenses with unprecedented measures to abate council tax by £150, the PM added.
He went on to say that Sir Keir is “absolutely correct” in saying that ministers needed to address the long-term implications of the surge in energy prices, and that he would “lay out an energy independence plan for the country in the duration of the coming days to make sure that the government un-does some of the damage caused because of the previous decisions.
Starmer proposes a windfall tax on corporate earnings.
Before Russia’s invasion into Ukraine, North Sea oil and gas corporations were generating bumper profits, Sir Keir said, pressing for additional government support to help lower household bills. BP profited £9.5 billion, whereas Shell profited £14 billion.
“They have more money than they know what to do with, in their own words.”
Since then, the international price of oil and gas has soared, and their profits will as well, he added.
When will the PM realise he’s made a blunder, impose a windfall tax on those mega profits, and use the proceeds to reduce domestic energy bills?, he asked.
The Prime Minister said that he intends to take a serious, reasonable approach and completely eliminate their reliance on hydrocarbons, particularly Russian hydrocarbons.
