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  1. Politics
31 July 2009updated 04 Oct 2023 9:39am

Who says tax rises are always unpopular?

Windfall taxes, on utility fat cats, wouldn't be.

By Mehdi Hasan

From the Press Association:

“British Gas owner Centrica announced an 80% rise in profits at its residential arm, but the firm said further cuts in domestic bills were far from certain.

“Centrica reported residential operating profits of £299 million for the six months to June 30, up from £166 million in the same period last year as a cold snap in January and February and falling wholesale costs helped boost performance.”

For years, utility companies have made record profits, in the billions, while raising prices for consumers and hiding behind the excuse of rising wholesale costs. But, this time round, wholesale energy prices have come down and remain low. If the likes of Centrica don’t pass on their bumper profits to consumers, in the form of price cuts, then Mr Darling and the taxman should step in and intervene.

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Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team. The best way to sign up for The Green Transition is via spotlightonpolicy.substack.com
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