Windfall tax loophole is an incentive to fuel climate crisis

Revamped windfall tax is one step forward and two back – Greenpeace

Commenting on the Chancellor’s autumn statement, Greenpeace UK political campaigner Ami McCarthy said:

“The Chancellor may be making the right noises around home insulation and the windfall tax, but the action doesn’t live up to the hype. Increasing taxes on the obscene profits of oil and gas giants is the right thing to do, but allowing huge tax breaks for more fossil fuel drilling is one step forward and two back. The government could lose billions in revenues while turning a fairness tax into an incentive to fuel the climate crisis – and during a major climate summit! Instead of going to increase the problem, this money should fund solutions, including better support for millions of households still struggling to pay their bills.

“The Chancellor also paid lip service to home insulation, but where’s the emergency plan we need to fix our draughty, energy-wasting houses? A promise of more money in three years’ time helps no one. The government should launch a nationwide warm homes programme now that can save households £10bn a year on energy bills and lift people out of fuel poverty. The sooner we get going the sooner we’ll reap the rewards of more affordable bills, more energy security and more stable climate.”