Windfall tax calls renewed as energy price cap rise kicks in

PLAID Cymru has renewed calls for a windfall tax on energy companies, who have reported profits in the billions, as the UK is gripped by soaring energy prices.

Plaid Cymru’s spokesperson for the economy, Luke Fletcher MS, said that powers to tax and regulate the energy sector “should reside in Wales”.

The calls come as the energy price rise cap has risen 54% in the UK.

The First Minister has previously said “it’s simply a matter that we need a Government in Westminster prepared to do the right thing”.

Mr Fletcher said that Wales “cannot wait” for Westminster when it comes to such an urgent matter, and says that Wales must stand up for its people and demand the powers to tax and regulate the energy sector, to set a windfall tax, to cut VAT, to set a price cap, and, if necessary, to restore public ownership.

Mr Fletcher MS said: “Of all the UK nations, the cost of living crisis will impact the people of Wales the most, because we have the highest level of relative income poverty. Any increase in the cost of living will have a significant effect, so a 54% rise in energy price cap could prove catastrophic for too many households in Wales.

“Over winter, Welsh Government helped out with a winter fuel support scheme, but the price rise is happening now, in spring – the support cannot stop now.

“For families in Wales, a few hundred pounds could make the difference, and yet we know energy companies are sitting on billions of pounds worth of profit.

“We can no longer wait for Westminster to do the right thing by Wales – we need the powers to tax and regulate the energy sector, here in Wales.”