Truss defends energy firms’ profits as millions prepare to go into debt to them

Last Updated: August 12, 2022By Tags: , , , , , , , , , ,

Clueless: Liz Truss.

Liz Truss has said the huge profits being taken by energy firms that are charging enormous – and soon-to-increase – prices for gas and electricity should not be considered “dirty and evil”.

Let’s have a think about that, shall we?

According to the BBC, Truss said

windfall taxes on profits – urged by some to fund help for households – were about “bashing business”.

She said cutting taxes was the best way to help with living costs over winter.

We know this is not true; the people facing the worst outcomes due to the higher cost of living caused by Tory policies are those who do not earn enough to pay taxes – who will not receive any benefit at all from her tax cuts.

Asked about public perceptions of record profits, she added: “I don’t think profit is a dirty word, and the fact it’s become a dirty word in our society is a massive problem.

“Now, of course, the energy giants, if they’re in an oligopoly, should be held to account, and I would make sure they’re rigorously held to account.

“But the way we bandy the word around ‘profit’ (as if) it’s something that’s dirty and evil, we shouldn’t be doing that as Conservatives.”

Certainly there are justifications for organisations making a profit – if it is used properly. So, for example, bonuses to workers improve productivity (but most people working for the energy firms are facing the same dilemma as the rest of us – whether to eat or heat this winter).

Also, profit allows investment in the business, to make it better. We see no such investment by the energy firms. Indeed, efforts by the government to secure such investment were dismissed by them until the Tories made it a condition by which they could avoid the current windfall tax.

Meanwhile, the people heading up these firms have imported huge amounts of cash into their personal bank accounts. According to information circulating on the social media,

John Pettigrew, boss of National Grid received £6.5m bonus on top of his salary
Chris O’Shea, chief executive of British Gas owner Centrica was paid almost £2m last year in salary and benefits
Centrica’s non-executive directors were paid almost £1m
Scottish Power’s CEO Keith Anderson is on £1.15m.
E.On boss Michael Lewis is on £1m
EDF’s Simone Rossi is also on £1mAnd their top execs enjoyed a share of £4.65m

At the same time, there are

People who haven’t had breakfast and/or lunch TODAY, because they can’t afford it.
People using food banks because food is becoming more of a luxury than a necessity.
Children celebrating a birthday without presents.
Parents worrying about new school uniforms – and some schools enforcing rules which are not cost-effective.
People who can’t get to work because they can’t afford to put petrol in their cars/pay for public transport anymore.
People who are working so much they’re making themselves ill, and they STILL CAN’T AFFORD to pay their bills.
People who have been given fines by these same energy/water companies because they couldn’t afford to pay their bills in the first place – increasing their debt.
Customers being told to do STAR JUMPS TO KEEP WARM for crying out loud!
Hose pipe bans when gallons of water leak away every day.
Elderly people NOT DRINKING because they’re worried about running out of water!

It isn’t profit that is the problem; it is obscene profiteering that drains money from the economy when it could be used to improve the lives of millions of people – who actually created the profit in the first place.

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

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  1. Jeffrey Davies August 12, 2022 at 10:04 am - Reply

    Just another who takes monies of their masters yep untill that day a true labour person takes control

  2. Phillip Hurley August 12, 2022 at 4:59 pm - Reply

    She would defend their profits as she can her bills on expenses, that’s not what they are for

  3. trev August 25, 2022 at 8:01 pm - Reply

    Truss is a far Right extremist, a member of the Free Enterprise Group, and co-author of ‘Brittania Unchained’.

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