"Proper windfall tax" V "no ban without a plan"4 Jun 2024 10:04
How will Labour square the circle between their no new licences and imposition of a “proper windfall tax position”, and Unite’s “no ban without a plan” campaign and the desire to keep investment flowing into drilling in the NS so production does not drastically drop further (requiring more imports, more vulnerability, more emissions… etc etc).
I just heard on Radio 4 Labour’s national campaign co-ordinator, Pat McFadden (his dour demeanour and serious sounding voice spouting such dribble, starts to get on my nerves) talking about Labour’s energy policy. (To listen to this, it is here at around 1:55:40 https://www.bbc.co.uk/sounds/play/m001zv85 .) His main point is that energy security is now a national security issue. This I can agree with. He continued saying investing in cleaner greener power will reduce bills in the longer-term and make the UK less vulnerable to rouge foreign states and reduce dependency on global oil and gas prices. When asked how this would not increase bills in the short-term given the need to connect more offshore wind power to the grid he said he did not see why bills would increase as “funding the investment to connect more offshore wind power would be through an extension and filling loopholes in the windfall tax”, and that this is the “right thing to do given the profits those companies have made in recent years”. He referenced the OBR and Sir Patrick Vallance, who said if we don’t do this, make this investment, others will come up with solutions and the UK will be left to buy them.
This is classic demagoguery. He says some things which are correct. He references respected bodies/people to support part of his argument. He presents an argument in logical and appealing steps. Problem is, the steps don’t add up and the argument has holes in it all over the place. What will happen when wind power still cannot meet the need the receipts from the oil and gas industry are not there ? More imports, more vulnerability and dependency, more emissions, and… higher bills. The man and the party’s position is reckless, dangerous, and they need to be exposed.
Plus… it seems the UK’s O&G industry has become the mystical magic money tree. Maybe though it will soon transmorph into a deceased goose which once laid golden eggs.
So, back to the question in my first paragraph.
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