Why no windfall tax? Energy Companies will make £170 billion in excess profits over the next two years

Liz Truss has been presented with an estimate that gas producers and electricity generators in the UK will make excess profits in excess of £170 billion over the next two years. Yet at Prime Ministers Questions today, she categorically ruled out any windfall tax on these companies. The Prime Minister stated that she will explain to Parliament tomorrow the full details of her plan to deal with the energy crisis this Winter and beyond, a plan which will address concerns of business and domestic energy consumers. It is rumoured that her plans will cost in excess of £130 billion and more likely be around the £170 billion mark, which is approximately the estimate for excess profits in the UK energy sector. The question therefore is why does Liz Truss favour the UK taxpayer bailing out the energy sector? Why aren’t we taxing the hell out of the energy companies who have helped to create this problem?

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