Star comment: Windfall tax on energy companies would help

Profitable companies are welcome, particularly at a time where the nation’s economy has been hammered by Covid.

We need businesses to kick on and generate the profits that help to meet wages, that provide investment and that bring about economic growth.

Whether it’s a good look, however, for an energy company to be raking in truly colossal profits at a time when millions are in poverty, as prices for gas and electricity spiral beyond the reach of many, is a different proposition.

BP is one of several energy companies that is doing well. It is rewarding shareholders and employing thousands of people across the UK. We need BP to be viable and driving forward to make the UK secure with its own energy supply, as well as having the resources to invest in greener forms of production.

The figure of £20,000-a-minute in profit, however, will anger millions who are currently struggling and who are facing much higher bills in the future. We are facing a cost of living crisis that has not been seen in this country for decades. Inflation is spiralling, the boss of Tesco is among those who are warning that the worst is yet to come. For many, it is a straight choice between food or heating. Some cannot even afford that.

Against that backdrop, calls for urgent action and a one-off windfall tax from the energy companies may be a way forward. Energy companies will not be derailed by receiving slightly-less-colossal profits, while those most in need would see transformative benefits.

Even for mega-rich power companies, there should be a time when the Government says: ‘Enough is enough’.

Truth, spin and lies are bedfellows in politics. The three are often intertwined.

So, while it is true that a ministry has moved to the West Midlands as part of a ‘levelling up’ agenda, it is also true that there are more London-based civil servants than ever.

And, while Boris Johnson insists his £3 billion ‘bus revolution’ will transform services across the country, it is also true that the money he mentions is simply recycled and isn’t new money at all.

Meanwhile, Mr Johnson continues to insist Sir Keir Starmer had an involvement in the Jimmy Savile case, even though we know that not to be the case. He had no direct involvement at all – but tell that to the mindless mob that, prompted by the PM, decided to take to the streets.

Our democracy is precious. It is also based on truth and respect, commodities currently hard to come by.