Starmer’s Labour insist there’s no money left. Ask British Gas.

British gas have increased their profits by 1000% more than they made last year. Starmer should tax it.
Right so, as Starmer’s Labour insist there is no money left to spend on anything, the Tories have wasted it all, ignoring the millions pouring into the coffers of big business, instead inviting them to breakfast to share all the money they apparently haven’t got with their party rather than the country, undermining that argument entirely is the small matter of British Gas parent company Centrica posting it’s half yearly profits, which have come in at an eyewatering £2.1bn. For context, that’s a 1000% increase on what it made for the whole of last year. They have made in 6 months what the average worker would take 32,000 years to earn. Meanwhile of course, 8.8m people in this country are living in fuel poverty, so how is this fair? I’ve covered the argument to renationalise gas and electric before on the basis we get screwed by the system in place. Most of the biggest energy suppliers, are also energy producers and distributors, this is why they survived, when so many sole suppliers collapsed when the energy market toppled. Other’s survived because the vast majority of their profits are made in production and distribution and crucially to them and their profiteering, the energy watchdog OFGEM has no role to play and no oversight in production and distribution, only in supply, it is the energy supply watchdog strictly speaking, calling it the energy watchdog is too broad a term. And yet, they have a direct role to play in these profits because at least half of this eye-watering amount of cash take is down to their decision making and why OFGEM is completely unfit for purpose. Some £500m of the profits British gas recorded are as a direct result of OFGEM raising the price cap, allowing energy supply, which generally has quite tight profit margins, to profiteer much more heavily. The cost of wholesale gas for example had gone up, but because many of these energy suppliers are also producers and distributors, the costs to themselves won’t really have budged. As such, their profit margins across the board rose. So if they were already making record profits, how did they convince OFGEM they needed the price cap to go up? It all comes down to the actual cost of wholesale gas not having anything to do with OFGEM. They only deal with supply. Wholesale gas prices will be posted, but to a cynic like myself, if an energy company is producing it’s own supply, is it necessarily paying those wholesale prices to itself? Aside from that, OFGEM can only go by the generic, published wholesale price and because the supply end profit margins are already tight, any proposed hike in wholesale prices that’d lead to energy companies making a loss, well, OFGEM had to step in to ensure they could still profit, even if it meant we couldn’t afford our bills any more. The regulator that is supposed to protect us from excess profiteering, was incapable within its remit to do so, ending up siding with the energy companies and not us.

►SOURCES:
https://twitter.com/SaulStaniforth/status/1684447601737732096?s=20
https://www.bbc.co.uk/news/business-66315117

***Subscribe to the channel here*** https://www.youtube.com/KernowDamo?sub_confirmation=1

►ABOUT ME:
Hi, I'm Damien Willey. I'm a former welder, but now I'm a writer, blogger, vlogger and presenter and interviewer with Socialist Telly (Please do go and visit what we all get up to on https://www.youtube.com/c/SocialistTelly)
I'm an unpaid carer for my disabled wife and daughter and as such we know all too well the difficulties that associated with that living in Tory Britain and I personally believe the answer lies in socialism.
This channel, along with my other social media act as outlets to push back against that, to demand better of our politicians and leaders, to pull apart the media spin that supports them and the way the UK is run and to give a voice, loud as mine is, to the voiceless.

►CONTACT:
Email: damien.willey@outlook.com

►SUPPORT:
If you appreciate the importance of alternative media in the UK and enjoy my work please consider financially supporting it. Various options to suit all budgets, please visit linktr.ee/KernowDamo to find out more. Please support Independent Media.

►SOCIAL MEDIA LINKS
Alternatively please share this video on your favourite social media & if you'd like to see what I get up to elsewhere, yoy can also find links to my presence elsewhere at linktr.ee/KernowDamo

Damo Rants Kernow Damo starmer,keir starmer,sir keir starmer,keir starmer labour,kier starmer,keir starmer inflation,labour party,keir starmer labour party,politics,starmer policy,starmer british gas,starmer tax,starmer taxation,british gas profits,energy crisis,cost of living crisis,energy bills,market prices,oil and gas news,cost of living crisis uk,centrica profits,energy prices,stock market,europe gas supplies,ofgem price cap,kernow damo,kernowdamo,damo,damo rants