Energy companies eurobond tax-dodge scam

energy companies price hikes

energy companies price hikes

Over the last couple of weeks, we have had the Big 6 energy companies raise their prices by and in some cases more than 10%, just in time for winter.

So much for the advice from David Cameron, given when SSE was the first to up their prices, to switch suppliers. Had they done so, they would have found themselves out of the frying pan and into the fire as when British Gas increased prices a few days later, by a bigger hike.

The advice worth following, was that given by Paul Lewis on Money Saver, to switch to fixed price for the next few years, but those deals have probably already gone.

The regulator is at fault. We should have a single fixed tariff of x per kW-hour, no standing charges, anyone can then easily make a comparison, as they do buying petrol or diesel at the pump. The energy companies can bleat all they like at the need to pay for infrastructure. You do not pay an additional infrastructure charge when buying groceries at the supermarket, nor when buying petrol or diesel, therefore no reason at all to pay a standing charge for gas or electricity.

There are two ways to pay less, find a cheaper tariff, use less.

For many, the choice is between eating and heating.

To justify their latest hike, they always have an excuses other than greed and fat cat bonuses. In the past it has been wholesale prices, now it is green taxes and social taxes, often lumped together.

David Cameron, in a knee-jerk reaction, has offered to do away with green taxes.

We must not do away with green taxes. Green taxes are to pay for the future, for renewables, for insulation.

Social taxes provide a payment to those struggling to pay their fuel bills.

Former Prime Minister John Major has suggested a windfall tax.

Ed Miliband has suggested a price freeze.

When the energy companies bleat about green taxes, they do not mention their eurobond tax-dodging scam.

The eurobond scam, is exactly the same tax dodge being used by High Street retailers and big food companies.

The energy companies are foreign owned. They are lent money at very high interest through the Channel Islands. Paying the interest reduces profits in the UK, relocates those profits offshore, where no tax is paid.

Maybe we should be plugging the eurobond tax scam.

And while we are at it, let’s re-nationalise the energy industry.

We are likely to see rolling black outs over the next few winters. Why? Because of the failure of the industry to invest. We need plant on standby, redundancy but that costs money.

Please sign the petition to re-nationalise gas and electricity.

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