Windfall Tax may blow in

27 October 2008

Windfall Tax may blow in

Ed Miliband M.P. at North Doncaster Kerbside Recycling

Ed Miliband, the man in charge of the new Ministry for Energy and Climate Change has warned utilities that a windfall tax still remains a possibile option for the Government. When meeting representatives of the six largest energy suppliers last week, he told them the department was monitoring the profits they stood to make from the EU emissions trading scheme. They are thought to be going to make in the region of £9 billion, which would be taken from customers in the form of higher bills.

So far threats of a windfall tax have not materialised, as companies have complained that they will cut their investment in new power stations and green energy – which the UK sorely needs – given that its aging, polluting, coal-fired stations must be phased out under EU legislation, and the nuclear stations are reaching the end of their lives.

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