Cuprajake The problem is that the energy companies, the ones that get fossil fuels out of the ground can only be taxed on profits if they are based in the UK, and only on what they sell in the uk. E.g. if blob energy drills for oil in the Polders (Netherlands) and are based in the uk. If we start taxing them on oil they selling to the UK, they will not sell that oil into the UK (make profits in the UK), or going move out of the UK. I used to work for Amoco, and they didn’t pay tax on worldwide income. They only pay tax on oil extracted from the North sea, that was sold into the UK, and a fee for exploration rights lasting 10 years.
All the sustainable green energy from windmills, tidal, sauna, I don’t see that being any cheaper and you would think that the energy there would be so, so cheap but it’s not?
This is a crisis that has been 4 or 5 decades in the making, and successive governments of all types have done absolutely nothing about it. In fact if truth be told nothing really changes whatever government gets in.
I thought VAT should be reduced and eventually removed. No government of any colour has ever wanted to do this, I always wonder why because it’s the most regressive tax there is!
