Energy giants delivering “cash bonanza” to shareholders while households struggle to make ends meet

Commenting on today’s (Tuesday) profits by BP, which despite slowing profits increased its dividend payout, TUC General Secretary Paul Nowak said:

“While households struggle to make ends meet, energy giants are delivering a cash bonanza to shareholders.

“It’s plain wrong. The government could have imposed a proper windfall tax on excess profits. But instead it has chosen to leave billions on the table.

“We need a fairer approach that stops energy companies treating working families like cash machines.

“We could have lower household bills and an energy system that served the public, if the government taxed excessive profits and introduced new clean power under public ownership.”

On excess profits and wealth, Paul added:

“We need an economy that rewards work – not wealth.

“These energy profits and bank profits reported by the likes of HSBC are a timely reminder that we need to start a national conversation about tax – especially how we tax profits and wealth.”