It’s always good to win – and today is one of those days!
This afternoon Rishi Sunak stood up in the House of Commons and promised to introduce a windfall tax on profits racked up by the energy giants.
This is a huge win. The Chancellor also announced a £15 billion package of support, including a £400 discount on energy bills for all and a £650 one-off payment to the poorest eight million households.
It will be paid for in part by the new windfall tax on North Sea oil company profits. This will help millions of people struggling with skyrocketing bills.
The new windfall tax will raise £5 billion this year. This is a big step forward, even if it’s only bringing in half the amount we wanted to see a windfall tax raise and there are problems with how it’s designed.
It’s not over yet
The plan has to be voted through Parliament, probably in the autumn.
So we’ll have plenty of opportunities to push for a higher rate on energy giants as the windfall tax is debated in Westminster.
We’re not going to stop pushing for energy giants to pay their share. This has to be part of broader efforts to support people in the long term with the cost of living scandal.
We couldn’t have done it without you
This is our third significant campaign win in less than 12 months. Last year we forced the government to back a minimum tax for global companies. In March we won a clampdown on dirty money with the implementation of the Economic Crime Bill.
We've tweeted about how we forced the government into these three u-turns here.
Today proves that when we work together with others in our movement, including Uplift, 350.org, Fuel Poverty Action and Greenpeace, we can achieve real change.
It’s no small thing and we couldn’t have done it without our supporters help. From reading this newsletter, to signing our petition or donating to us. It all counts, so thank you.
(Image courtesy of HM Treasury's Flickr)