Discover and read the best of Twitter Threads about #energypricecap
Most recents (7)
A 🧵on #benefits…
#KwasiKwarteng’s reluctance to confirm that benefits will be uprated in line with #inflation has fed speculation that the government is considering a real-terms cut.
I’m going to explore this further, but at first sight it looks like a very bad idea...
#KwasiKwarteng’s reluctance to confirm that benefits will be uprated in line with #inflation has fed speculation that the government is considering a real-terms cut.
I’m going to explore this further, but at first sight it looks like a very bad idea...
To recap, benefits are usually uprated in April in line with the CPI measure of inflation recorded in the previous September. This meant that benefits rose by just 3.1% in April this year (the inflation rate in September 2021), well below actual inflation of 9.0% in April itself.
The row about this at the time was partly defused by additional one-off payments to low-income households.
But Ministers also argued that benefit claimants could expect to catch up next year when payments were uprated in line with the September CPI (probably about 10%).
But Ministers also argued that benefit claimants could expect to catch up next year when payments were uprated in line with the September CPI (probably about 10%).
Liz Truss’ intervention to freeze the #energypricecap for 2 years is a big one that shows the government has finally grasped the scale of the challenge.
But there is a sting in the tail.
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But there is a sting in the tail.
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By refusing to ask energy companies - who will be making £170 billion worth of excess profits over the next 2 years - to foot the bill, the government will instead be asking our public services and communities to pay for this through lower investment.
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And for families on low to modest incomes, average #energybills of £2,500 a year will still be a big hit when combined with the rising cost of food and everyday essentials. Yet, the government has done very little to boost their incomes.
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#EnoughIsEnough #EnergyCrisis
Zahawi is "deeply concerned"
Truss "no new taxes, or rationing"
cutting the NICs & no new windfall taxes, ultimately means the biggest shrinking of the state we have ever seen
think of the direct impact on Social Care & NHS
Zahawi is "deeply concerned"
Truss "no new taxes, or rationing"
cutting the NICs & no new windfall taxes, ultimately means the biggest shrinking of the state we have ever seen
think of the direct impact on Social Care & NHS
SMEs, already facing insurmountable exponential energy costs, are also facing Consumer spending already falling off a cliff, 10% down
#EnoughIsEnough #EnergyCrisis
Lord Prem Sikka, Richard Murphy & David Blanchflower have written to the BoE urging £200 BILLION of spending to avoid meltdown, just as I suggested on the 10th March, also urging nationalisation of energy (which tories will never do)
Lord Prem Sikka, Richard Murphy & David Blanchflower have written to the BoE urging £200 BILLION of spending to avoid meltdown, just as I suggested on the 10th March, also urging nationalisation of energy (which tories will never do)
#EnoughIsEnough #TrickleDown
don't be fooled by #TuftonSt "think tanks" - it's all an effort to concentrate power & wealth in the hands of the 1% and there's real world evidence:
Tax cuts for the rich lse.ac.uk/News/Latest-ne…
don't be fooled by #TuftonSt "think tanks" - it's all an effort to concentrate power & wealth in the hands of the 1% and there's real world evidence:
Tax cuts for the rich lse.ac.uk/News/Latest-ne…
#EnoughIsEnough #TaxTheRich #NoToToryTaxCuts #EvidenceAgainstTrickleDownEconomics
eprints.lse.ac.uk/107919/1/Hope_…
eprints.lse.ac.uk/107919/1/Hope_…
#EnoughIsEnough #TaxTheRich JRM's father is the root of all evil in the pursuit of where we are today with tory policies: this is the place to start to understand!
theguardian.com/books/2018/nov…
theguardian.com/books/2018/nov…
#EnoughIsEnough #energybills
last night the FT reported Truss will immediately invoke Article 16 causing a trade war whilst we have rampant inflation, are heading in to recession & at the moment 70% of businesses will fall off a cliff in October when they renegotiate energy bill
last night the FT reported Truss will immediately invoke Article 16 causing a trade war whilst we have rampant inflation, are heading in to recession & at the moment 70% of businesses will fall off a cliff in October when they renegotiate energy bill
#EnoughIsEnough #energybills #EnergyCrisis
several quotes here from 300% increases to over 1,100%.... as I have been alerting everyone to, since the 10th March.
if govt doesn't step in immediately, the UK will have businesses failing faster & harder than they did in 2008
several quotes here from 300% increases to over 1,100%.... as I have been alerting everyone to, since the 10th March.
if govt doesn't step in immediately, the UK will have businesses failing faster & harder than they did in 2008
#EnoughIsEnough #energybills #EnergyCrisis
here's my thread from the 10th March stating businesses will fall off a cliff, nearly 6 months later STILL NO ACTION has been taken, this is INEXCUSABLE! If I knew it in March, then the govt sure as hell did!
here's my thread from the 10th March stating businesses will fall off a cliff, nearly 6 months later STILL NO ACTION has been taken, this is INEXCUSABLE! If I knew it in March, then the govt sure as hell did!
1. On the morning that Ofgem announce an 80% increase in the energy price cap, effectively triggering a social and economic disaster in the U.K. the likes of which hasn’t been seen for 75 years, and with experts predicting a grim death toll as a direct result, the media brought
2. the wonderfully astute financial expert Martin Lewis to once more spell out the immediacy of the emergency facing the poorest in society. Of course for these continued efforts we’re supremely grateful… but if you’re half awake today you may have noticed a glaring omission
3. in this morning’s wall to wall coverage of the ever worsening fiduciary catastrophe… those among us who think may have spotted the lack thereof of a representative from the only people who can actually do something to bring essential aid to those literally choosing between
.@UKLabour’s call to freeze the #energypricecap is a bold measure that grasps the scale of the crisis we’re facing.
Millions of families that simply cannot afford to pay more for energy wouldn’t need to live in fear of further hikes.
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Millions of families that simply cannot afford to pay more for energy wouldn’t need to live in fear of further hikes.
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And recent @NEF analysis shows that a 20% #windfalltax on excessive profits & closing of loopholes would raise £14bn. It’s a no-brainer.
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This package should be accompanied by a boost to social security to ensure a real safety net for those who need it - including direct payments to households that are already struggling with the April price rise & increasing cost of food, rent, travel and other essentials.
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