The European Commission President has unveiled a plan to cap the revenues of electricity-producing companies that are making extraordinary profits thanks to the war in Ukraine and climate change.
Over in the UK Liz Truss has refused to follow suit, she says a windfall tax on energy companies would hinder investment in the economy
She said: “I believe it’s the wrong thing putting companies off investing in the UK just as we need to be growing the economy.”
Ursula von der Leyen told the European Parliament in Strasbourg that the proposal could raise 140 billion euro (£121 billion) to help people hit by spiralling energy prices.
During her State of the European Union address, Ms von der Leyen said: “These companies are making revenues they never accounted for, they never even dreamt of.
“In our social market economy, profits are OK, they are good. But in these times it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of consumers.
“In these times, profits must be shared and channelled to those who need it the most.
“Our proposal will raise more than 140 billion euro for member states to cushion the blow directly.”
In response, an online petition has been set up called ‘Stop Truss Paying over £100 Billion of our money to Big Oil.’
The petition says: “Truss was appointed as PM by an infinitesimal fraction of the UK population , yet assumes she can take over £100 Billion of our money and give it to the world’s large energy companies. If you believe Truss must ask taxpayer’s permission to give such a vast sum to the world’s fossil fuel industry, please support this petition . We will seek legal and other advice on how Truss can now be required to seek our permission to use our money in this way.”
If you want to sign the petition click here