Miatta Fahnbulleh Profile picture
Aug 15 6 tweets 3 min read
.@UKLabour’s call to freeze the #energypricecap is a bold measure that grasps the scale of the crisis we’re facing.

Millions of families that simply cannot afford to pay more for energy wouldn’t need to live in fear of further hikes.

And recent @NEF analysis shows that a 20% #windfalltax on excessive profits & closing of loopholes would raise £14bn. It’s a no-brainer.

This package should be accompanied by a boost to social security to ensure a real safety net for those who need it - including direct payments to households that are already struggling with the April price rise & increasing cost of food, rent, travel and other essentials.

And we need to see big long-term reforms of the energy market to build our resilience in the future including:

1. A #GreatHomesUpgrade to insulate all our homes and reduce the demand for energy.

2. Uncoupling the price of renewables and #fossilfuels, and flooding the market with cheaper renewables.

3. A permanent social tariff that will provide low income households with low cost energy, funded by a cap on energy profits, to follow the #windfalltax.

4. Breaking up the dominance of the big fossil fuel companies & creating co-operatively run companies to produce and sell renewables & nuclear energy.

This would mean that the #energysector of the future is owned by us, and works in the interest of people and the planet.


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More from @Miatsf

Aug 17
📈 #Inflation has hit 10.1% as prices continue to rise.

This spike in prices is all the more painful because it is hitting at a time when:

- Living standards have been squeezed for over a decade, leaving people with little cushion to absorb this

- Millions of families were already unable to make ends meet because our social safety net has been ripped up, and

- Public services are on their knees after years of underinvestment.

Leaving families & the economy to languish won’t prevent inflation getting worse, & risks a deep recession which will scar our economy.
Govt should urgently:
1️⃣ Increase the national #livingwage to reflect the #costofliving & support workers to negotiate fair wage deals

Read 5 tweets
Jun 22
Today, #inflation has continued to climb to a 40 year high of 9.1%.

When a third of people in the UK are already struggling to afford everyday essentials, these price rises will deliver yet another painful blow.

With 10 years of wage stagnation and a hollowing out of our social security system, it’s no wonder people are now breaking under the pressure of soaring prices.

And the government’s excuse for not acting big simply doesn’t stack up.

Failing to support the economy risks long-term economic scarring that could take generations to turn around.

Read 5 tweets
Jun 21
At the centre of the #railstrike dispute is a decision by the government to cut investment in our railways and tube by £4bn. This is the wrong call when we should be putting more money into public transport to help people with the cost of travel.

Rather than bringing unions and train operators back round the table with a new funding settlement, the government is doubling down on the need for pay restraint to stop a wage-price spiral.

Wages have been stagnant for over 10 years – so many workers have already seen a big squeeze in their living standards. Public sector workers have been particularly hard hit with pay falling by 4% in real terms for over a decade.

Read 6 tweets
Feb 24
.@keir_starmer is right that the success of the economy should be judged on whether it puts money in people’s pockets, revitalises places that have been held back, ends insecure work, and drives up wages.

But pursuing economic growth through the same tired old policies will not be enough. The lesson of the last decade is that growth alone is not enough to lift everyone. There are millions more struggling to make ends meet now than there were 10 years ago.

A #NewEconomy needs to truly be new. We need a major shift in policy to get the economy working for the many and not just the few. 5 key strands:

Read 9 tweets
Feb 2
Want the *honest* state of play on #LevellingUp today?

@NEF’s new report shows a staggering 60% of the country needs to be #LevelledUp, and sets out a 5-point policy shift to really do the job, backed by 6 metro mayors.

Report: neweconomics.org/2022/02/closin…

Key findings 🧵👇🏾

Widening #inequality between regions is damaging millions of lives and holding the UK back.

Since Dec 2019, real incomes have risen by less than £20 per year in the NE, £80 per year in NW and £90 in Yorkshire and the Humber.

By contrast, real incomes in London have increased by more than £600 per year and by more than £550 in the SE.

And despite growing inequality, only £36 per person of the Government’s #LevellingUpFund has gone to these areas.

Read 15 tweets
Oct 27, 2021
It feels to me that @RishiSunak needs some help getting the economy back on track.

Ahead of the autumn #budget2021, I've busted some economic myths he seems to believe...


Myth 1️⃣ : We are well on our way to recovery with the fastest growth in the G7.
Busted: Our economy was one of the worst hit, so we are growing from a low base. The IMF says our economy is still 5% below its pre-pandemic path. & our economy is projected to lag behind all G7 countries in 2024.
Myth 2️⃣: We need to start balancing the books because we can’t afford to borrow any more.

Busted: Our debt level is high, but what matters is the cost of financing this debt. At 6% of tax receipts, the cost of servicing the debt is the second lowest it’s been since WWII.
Read 12 tweets

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