This blog may help people explore some of the 'hidden' issues involved in certain media treatments of environmental and scientific issues. Using personal digital images, it's also intended to emphasise seasonal (and other) changes in natural history of the Swansea (South Wales) area. The material should help participants in field-based modules and people generally interested in the natural world. The views are wholly those of the author.
Sunday, 29 May 2022
With a Built-In Loophole?
The UK's apparent 'U-turn' on applying a windfall tax (or 'Energy Profits Levy') on the excessive, unearned profits of the North Sea oil and gas companies seems to have a built-in loophole (https://www.theguardian.com/business/2022/may/29/loophole-could-let-north-sea-oil-and-gas-giants-slash-uk-windfall-tax-bill). The 'temporary' tax was supposed to bring in circa £5bn, ear-marked to help fund people dropping into fuel poverty (where at least 10% of their income is spent on electricity and gas). The petrochemical giants will be able to reduce their tax 'burden', by claiming they are making investments. Shell and BP accountants will be able to reduce taxes (the companies already receive many financial perks). The arrangement appears to be a smoke and mirrors job, designed to distract from 'partygate'.
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