Windfall Tax On Energy Companies
EDM number 268 in 2008-09, proposed by Fabian Hamilton on 11/12/2008.
Categorised under the topics of Energy and Taxation.
That this House notes with grave concern average annual spending on energy per household has breached £1,200, that energy providers' profits have risen from £557 million in 2003 to over £5,000 million today, that these companies are receiving unearned profits and that the new price rises could increase those in fuel poverty beyond six million people; welcomes the Government's energy package of long-term measures worth £900 million over three years, but notes that given the huge price increases this will not go far enough to end fuel poverty; further notes that the Government is legally bound to do all that is reasonably possible to eradicate fuel poverty for vulnerable households by 2010; furthermore notes that, despite the recent sharp falls in the oil price, these decreases are not being passed on to consumers by the energy companies; further notes that in 1997 the Government levied a windfall tax on the unearned profits of the privatised utilities and that in 2008 the inflated price of energy continues to make massive unearned windfall profits for the energy companies; and requests the Government urgently to introduce a new windfall tax, the revenues from which should be ring-fenced and targeted at homes in fuel poverty and used to start an adequately funded programme of home insulation to protect people from future price rises.
This motion has been signed by a total of 67 MPs, 1 of these signatures have been withdrawn.
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