Socialist Worker

TUC conference backs call for windfall tax

Issue No. 2118

All the unions at the TUC backed the call for a windfall tax on the super profits of the energy companies.

The Unite union published a “dossier of disgrace” highlighting the industry’s greed.

Since 2003, energy firms have increased their profits by 538 percent to £3 billion. They have raised prices by up to 35 percent this year alone.

The dossier said energy firms expected to make billions of pounds in profits over the next four years.

Companies paid £1.6 billon to shareholders last year, up by a fifth on the previous 12 months.

Unite tabled a motion calling for a levy on energy companies’ “excess profits” ahead of the chancellor Alistair Darling's speech on Tuesday.

Tony Woodley, joint general secretary of Unite, critcised the energy industry for spending just £50 million a year combating fuel poverty despite the huge hikes in prices, profits and share dividends.

He said, “The greedy oil companies have made tens of billions and in the next four years they will make an extra £15 billion. The government must intervene now.'

Fellow joint Unite general secretary Derek Simpson added, “Winter is approaching and in the coming months low paid families will be forced to switch their heating off because they won't be able to afford the bill.

“The heartless excuses from the energy companies for not fulfilling their social responsibilities have been swallowed hook, line and sinker by the government. It's time for action because the situation is dire.”

Click here to subscribe to our daily morning email newsletter 'Breakfast in red'

Mobile users! Don't forget to add Socialist Worker to your home screen.