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From The Socialist newspaper, 9 February 2022

Cut our fuel bills - nationalise energy

  (Click to enlarge)

Putting food on the table or keeping warm. That's the stark choice facing millions more households as gas and electricity bills reach new unpayable heights.

In April, the typical household's energy bill will rise by about £700 a year, or 54%, taking it to nearly £2,000. That hike is likely to be followed in October by another £400 rise, with further rises expected.

Fuel poverty, ie households that spend 10% or more on energy bills, is set to triple overnight to 6.3 million households on 1 April.

10% of the £700 rise is to cover the cost of those firms which entered the consumer energy supply market hoping to make a fast buck, but instead went bust when wholesale gas and electricity prices soared.

Meanwhile, the giant energy corporations - Shell, BP, ExxonMobil and Chevron - have reported multi-billion pound profits. Over the last decade, big oil and gas companies have dished out over £200 billion in dividends to shareholders.

The latest energy price shock is on top of a stinging hike by the Tory government in National Insurance contributions from April, a £20 a week cut in Universal Credit, alongside council tax rises, and with inflation at over 7.5% and rising.

Government response

The response to soaring fuel poverty from Tory Chancellor Rishi Sunak - the richest MP whose family wealth runs into hundreds of millions, in addition to his undisclosed investment trust - was to blithely chirp that we 'have to adjust to higher energy prices'!

Boris Johnson's government - which has handed over billions in dodgy PPE and other Covid-related contracts to its chums and to fraudsters - is to give households a paltry £200 in a 'buy now, pay later' scheme.

The £200 loan, in October, is simply to pay our energy bills, thereby keeping company executives and rich shareholders wealthy.

Sunak also trumpeted a council tax rebate for households in bands A-D. But the £150 barely compensates many people for this year's council tax rise as councils - Labour and Tory - pass on yet more Westminster spending cuts. Moreover, many tenants, whose landlords incorporate council tax into the rent, could lose out on the rebate.

Starmer's Tory-lite Labour Party's response is to call for a one-off 'windfall tax' on energy company profits. But why just take a slice of bumper profits for one year when analysts predict the spike in energy costs is likely to continue for many years?

Instead of Labour's timid response, the trade unions should mobilise workers and the wider community to demand nationalisation of 'big energy', with compensation paid only to those with proven need, not the 'fat cats'.

Linked to a political campaign to build a new mass workers' party, a future workers' government could utilise the financial resources of the oil and gas giants to invest in renewable energy supplies, along with a massive scheme for insulating homes and installing domestic solar panels, and so on.

Such a programme would shrink our utility bills, reduce energy consumption, and create millions of skilled, high-paid jobs.

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In The Socialist 9 February 2022:


TUSC

No one in Westminster backs a pay rise for us...

Preparing for the council and Erdington elections


News

Cut our fuel bills - nationalise energy

'I'm dreading trying to live on a nurse's salary'

Cuts created NHS waiting list crisis

Oxfam 'Inequality Kills' report

Tories' 'levelling up' falls well short

Tories' 'partygate' crisis continues - kick them out


What we think

Catastrophic energy bill hike - a crisis made by capitalism


Workplace news

Force back Serco and Barts management!

Support the university strikes!

Tesco slashes jobs and customer service

Just Eat couriers drive chief exec out of town as strike spreads

Scunthorpe scaffs mark 100 days of strike action with protests

Perfect storm brewing in education

PCS consultative pay and conditions ballot - vote 'Yes'


Campaigns news

King's student union refuses to back staff strike and NUS walkout

A socialist voice in Stanwell North

Tamil Solidarity protest against repressive Sri Lankan regime

Socialist Party youth meeting: Mood is changing - socialist ideas growing

Swansea Trades Council pledges to fight local government cuts

The Socialist: 25 years of assisting workers' struggles and fighting for socialism


International news

Pro-market Socialist Party wins Portugal's election


Debate

Does the fight for Trans rights conflict with women's rights?


 

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Related links:

Energy:

triangleCatastrophic energy bill hike - a crisis made by capitalism

triangleGas and electric bills set to soar by 50% this year

triangleCost of living crisis

triangleNews in brief

triangleNews in brief

Nationalise:

triangleSocial care providers put profit before residents' needs - nationalise care now

triangleTories hand cash to private health profiteers

triangleEnergy price crisis: nationalise energy giants to save us from 600 hit

triangleTV review: Vaccine Wars: The Truth About Pfizer

Tax:

triangleRob Windsor - remembering a tireless fighter for socialism

triangleRace to top for bankers

trianglePay NHS and care staff to address worker shortages

Households:

triangleShameless Johnson partied through lockdown

triangleTory Universal Credit crumbs no solution to cost of living crisis

Council:

triangleNewham City Farm - closed with no consultation

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