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Is Keir Starmer really that intelligent ?
A Windfall tax right now as spouted by Sir Keir and his sidekick and Sir Ed Davey will make companies seriously consider whether they will list in London or the USA/Canada. Look at what might happen to Arm with potential loss of 10% of its UK workforce if it proceeds to list in the USA.
A Windfall tax right now will stop overseas companies wanting to list their companies in the UK and will opt for the USA or Canada. Looks as if this is already happening with Arm now looking to the US and cutting 1 in 10 staff in the UK. Well done Keir and Ed , do hope you are proud of this nonsense and take note Rishi.
America has already taken BP to the cleaners once, so don’t think it would take much for them to think they are entitled to more BP money
At time of Gulf Mexico disaster, OBarmey had a hard look at BP and found that US holders had about same percentage of shares as UK holders (38% ?). If UK takes bite out of BP, US would surely follow IMO...
Maybe what we really need is a footballer (preferably from a minority group) to say that his mother struggled to feed him/her and the only thing that got them through was greeting the quarterly dividends from BP or Shell.
Policy is not based on rational argument or fairness. It’s all sound bites and slogans these days. Init?
Tinker
As I have said it’s the wrong tax at the wrong time.
If they want to tax more change the tax system to take more tax.
One or 2 quarters don’t make a windfall.
It’s all about someone having money (BP) and others wanting what they think is their share.
However the only way the bandwagon will stop is if either we pay or stop making large profits.
I hope to continue making large profits, so only see one outcome it’s only when and how much.
I don’t like it , but by the number of times it’s raised here it can only be a hot topic.
Any windfall tax would have nothing to do with addressing the “cost of living crisis” and would take no account of its effect (if any) on investment. It would have everything to do with deflecting attention from Boris’s failures and its sole purpose would be to keep his boat afloat for another few months.
Tinker
Isn't it " lick the Frog " ?
You can eat it if you want, but.....
The quicker the windfall tax is done the better for all parties,
unless they want to bites of the cherry,looney said it wouldnt make any difference to investment, a pity he didnt hand roseneft to the Uk Govt as part of the deal.
Just eat the frog
Trust Boris will take some retrospective action against the ghost employees ruse - which made many clever conmen into millionaires during the C19 furlow scam ?
And what about the company which collected millions for their stillborn contract tracing software ??
Clean up your historical mistakes before persecuting the prime generators in your country’s economy Boris.
How much extra is going into the government coffers due to high oil prices ,as it is them that gets the biggest share due to the taxes it imposes on fuel .
Surely they can help the needy more .
A minister has suggested that the government could be moving toward imposing a windfall tax on energy firms.
Chief secretary to the Treasury, Simon Clarke, admitted in an interview with Sky News earlier today that the country faces “extraordinary circumstances”.
“We are certainly not ruling it [a one-off tax on energy firm profits] out. What I would say is obviously I am not ever instinctively drawn to increasing taxes insofar as it risks deterring investment in new capacity and new jobs.
“But look, these are extraordinary circumstances. We recognise there are extraordinary pressures on family finances and the industry needs to hear the message loud and clear: If investment doesn’t go in, we can’t rule out having to do a windfall tax,” he went on.
Research released by the Liberal Democrats earlier this month argues that a windfall tax on oil and gas companies would raise around £10.5 billion from the profits of BP and Shell alone this year.
By Politics.co.uk staff( today)
It’s not going away.
There’s too many stirring the pot to keep it in the news.
I don’t recognise the figured used as there is little chance of £10 billion being raised.
But I have less faith than some on here that this government will not change it mind( it’s something it has a history of).
If they keep telling the people that they can get £10 billion from BP and Shell why would they not believe it to be true?
We know different, but there is a definite agenda going on at the moment.
I agree it remains unlikely that a Windfall Tax will be introduced by this government but that if it were legislated, as Clued says surely there would have to be some mechanism built in to offset previous or future losses.
At a minimum I would like to see the government demonstrate progress against the £5.5bn of government waste announced in March, before it goes knocking on any other doors. Hold yourself to account before you presume to hold others to account.
BP and SHEL need to repeat publicly and to the narrow-minded Labour what losses they made in 2020 and what losses they've incurred as a result of forced exit from Russia....Tax principles generally allow fairness vis a vis gains and losses for business and individuals though I admit there are exceptions. Possibly, HMRC should at the very least allow a Windfall Tax to be an allowable expense ?
Harmonica, I am against a windfall tax...but this is going to continue every quarter for the next 2 years...very loudly., it's unfair and as I said it's a form of legalised theft....but my point is the sums we are talking about are low and won't be a big hit for us. Occurs to me that once it's paid that will be it and the public will realise that it's not the panacea that Labour are touting.. If the Tories don't do it great, but be prepared for non stop propaganda against the oil companies that actually could end up with much worse consequences a few years down the line.
And at the same time, all the European countries that depend on Russians oil and gas, yes you've guessed it, are still importing Russian oil and gas great idea!
Bp were put under presure from both sides of the political divide to distance themselves from their Russian investments, this included the $1 billion of dividends from Rosneft.
So 1 Billon dollars a year stays on the books of the Russians, Then the same lunnies say we should pay a windfall tax.
You could not make it up. Give away Billions to the Russians then pay us a windfall tax.
Only in mad modern Liberal Britain!
Chandley,
If BP paid £250m voluntarily, the lunatic Left would question it and say that a lot more could have been paid if made compulsory! It would be frankly naive to believe otherwise.
Anyway, this Government under Johnson will not be doing such a thing.
Tamano,
No, the risk is that those who want a windfall tax, but are not paying it, would say that £250m is too little and would set up a precedent that would come and bite BP in the backside later, at the next set of bumper figures.
I am totally relaxed, as it is more than clear that THIS Government will not be imposing any windfall taxes at all.
Sends the wrong message paying voluntarily, it should be legislated for then we pay. It's not going to resolve the cost of living crisis but it will take some pressure off BP and Shell.
250 million…… peanuts. Just pay it and shut the lefty champagne socialists up. Then the 10 million households who qualify for it, will be able to sort out their finances with the extra £25 windfall eh?
It’s just relentless. I say that we pay it voluntarily via the energy suppliers as the energy crisis has just started and will run into 2024.
BP are more than doing their bit. Since the billions that we already pay which funds how many schools and hospitals, isn’t enough eh?
We found out today that our local council gets £10k a year for every Ukrainian refugee that somebody in our town takes in. To cover the cost of schooling and the NHS etc, should they use it. I imagine it’s the same everywhere. Funny how people don’t go on about that though, and pretend that their own taxes cover that general £10k cost per person.
BP pay their way. The people moaning about windfall taxes however; most of them never will, and have absolutely no clue about that fact, instead preferring to just slate the organisations which already carry them.
Reported where ?
Reported today that the proposed windfall tax would cost BP £250 million. This is very manageable , and even though it is in my opinion theft, a reduction to the constant demonising of BP and Shell would be worth it. As long as it is a one off, and precedent supports this, then we can focus again on increasing shareholders returns with less scrutiny.