The figures for "subsidies" includes favourable tax treatment for consumers. So the 15% VAT discount for domestic customers counts as a subsidy to the fossil fuel industry (and also to the renewables industry).
What a weird comment.
Well no one is talking about 20% VAT utilities in the UK, electricity is increasingly made from renewable energy anyway and its rising every year.
Yes. I may be taking this far too simplistically, but how can fossil fuel companies be getting tax breaks and subsidies when they are making billions of dollars of profit per quarter? They can afford to pay a fair amount of tax and fund their own research and development.
Basically there is a big windfall tax on the fossil fuel industry and they can get around it if they re-invest in new fossil fuel exploration. It’s what happens when ministers in government are in the pockets of these people.
they dont. there are no direct tax breaks or subsidies, people count deductions for investment, which apply to any other company. they have some quite large decommisioning costs too, which reduce the balance sheet reported profits, get counted as a subsidy/tax break. paying >70% duty to the treasury though, the windfall tax increase this some, though when the oil price rises the amount of duty rises too. otoh the oil industry like to play up on investments on green energy, of course those are not affected by duties and windfall taxes. some do invest in green energy, trouble is a lot of it is loss making and not offering the returns the old business does.
You won’t get what you want from @Is it PotG? I challenged him over something glib he was parroting about 6 months ago. The silence was deafening. He did eventually come up with a reply a week later but it was just link so some crap he’d obviously searched the internet high and low for. It was also notable that the link was dated well after his initial comment.
The Tories, particularly in the last few years were a shambles - and left with a black hole of circa £20 / £22 billion depending on what figures you believe. Perhaps the Tories shouldn't have spent £60 Billion paying people to stay at home (a huge percentage of which which was claimed fraudulently)
It was a somewhat strange comment - and it's good to have some adults back in the room.
We were promised that VAT on energy would be removed once we left the EU.
I'm not ready to back either of you on your view of Labour - I guess we'll see. But I do know that this country is built on small businesses (the people who weren't supported over Covid) more than trade union members, and I speak as someone who is not anti-union at all.
I seem to recall VAT got put on utilities at 5% after the poll tax got rejected. Its really always was utter BS about us not being able to control it at the rate we wanted
labour.org.uk
It was 1993, with the government citing EU regulations and in 2016, Johnson & Gove promised that Brexit would mean it being abolished.
I think the clue is definitely in the poster's name in this case; there was no supporting evidence or explanation for such a vacuous outburst. maybe a thought just crossed his/her mind (what a lonely journey that must have been!) and s/he just had to share it;
You frequently make some ridiculous comments but you have achieved the nonpareil of daftness there. You can put whatever spin your tribal mind wishes on it but the tory government ruined the economy and the new government is in the process of fixing it....
Another lie from Boris , no wonder he is best of mates with Trump.
