Is It Right To Go After The Oil Companies?
As the likes of BP and Shell continue to announce record profits of billions of pounds there has been a resurgence in calls for windfall taxes for the oil companies. But is it right to hit a sector which is doing well at the moment, but has not always delivered to shareholders, or is it just masking problems with the tax regime in the UK?
It is easy to hit the oil companies when they are making big money seemingly at the expense of everyday workers in the UK, but is this really the full story? Let us not forget that the oil companies are already paying massive taxes on their oil income streams and North Sea operations, not to mention the excessive tax which is being charged on petrol and other energy sources. The real winner of the recent oil price rise is the government with petrol and diesel taxes higher than they ever have been, a reason why the authorities so generously decided to postpone the 2p tax rise in the cost of petrol.
Why do we always like to hit companies hard in the good times, but offer little help in the bad times - does anyone remember the price of oil when it was under $10 a barrel and the oil companies were suffering?
Share this..
Related stories
Russian grain ban sees prices surge a further 6%
There are fears regarding inflationary pressure in the UK, and around the world, after the Russian government announced a forthcoming ban on the export of grain from the country. Due to abnormal weather conditions in Russia the authorities have decided to retain as much grain as possible within the country to feed domestic demand, something which has had a major impact upon grain prices on the com...
Read MoreShould the formal retirement age be abolished?
A report by the Equality and Human Rights Commission has today prompted a very controversial and deep thinking argument regarding the UK retirement system. The commission has called on the government to abolish the formal retirement age and indeed introduce incentives for employers to retain those more mature workers and use their experience for as long as possible. But is this something of a doub...
Read MoreNorthern Rock's New Chief Executive Announced
In a move which has been on the cards for some time Northern Rock has announced the appointment of a new chief executive to take over the reigns from Andy Kuipers who will be leaving the group at the end of September. Kuipers was one of the few original Northern Rock directors to avoid the chop and his place will be taken by Gary Hoffman who is currently the vice chairman of Barclays Bank.
...
Lord Myners attacked by City leaders
Leaders of some of the U.K.'s largest banks, financial institutions and investment funds are now calling for Lord Myners, the UK government minister for the City, to become more active in pushing through his new proposals rather than lecturing the City on a daily basis. Those who follow the financial markets in the UK will be well aware that Lord Myners has issued many new initiatives, comments an...
Read MoreFirst time buyers driving hard bargains
First time buyers are driving an increasingly hard bargain with sellers, according to new figures from an independent finance site. In a poll conducted by Moneyextra.com, the average price which first time buyers are now prepared to pay for their first home stands at £170,559. This represents a dramatic decline from December last year, when the sum they would be prepared to pay was 10.25 per cent...
Read More