How to tackle the current climbing Inflation:
Consumer price index (CPI) June 2022 stood at 8.2%.
From the ONS report linked below:…
"The main drivers of inflation were from housing and household services (principally from electricity, gas and other fuels, and owner occupiers' housing costs) and transport (principally from motor fuels)."
From the Washington Post 8th August:
"Recent second-quarter earnings reports proffered eye-popping figures: BP posted second-quarter profits worth $8.5 billion, its biggest windfall in 14 years...
..ExxonMobil went one further — its $17.9 billion in net income was its largest-ever quarterly profit. U.S. company Chevron, London-based Shell and France’s TotalEnergies also recorded blockbuster results...
Put together, these five major companies made $55 billion this past quarter, as hundreds of millions of people around the world bore the brunt of surging prices at the pump."
The energy extraction companies have not seen an increase in cost; there are increasing the price of gas and oil (coal too) because they can, and meanwhile making super profits.
Any strategy to address inflation must address the root cause of the inflation pressure- greed by the fuel extraction companies. Anything else enables and encourages greed and profiteering #inflation #CPI #energycosts #energyextraction
For example, implementation of current neoliberal rhetoric to stamp down wage increases, whilst allowing the fuel cap to rise, will depress demand, worsen living standards and lead to recession, barely making a dent in the super-profits of the energy giants.
The chancellor could remove the 5% VAT on domestic fuel. He could reduce the £0.5295 (per litre) duty on petrol. Such measures would make no dent at all in the super-profits of the energy giants.
The Bank of England has increased the base interest rate by the greatest amount in 27 years. Monetary policy is not a solution to supply-driven inflation- which is not being driven by cheap credit. Instead, higher interest rates will push low-income borrowers further into poverty
So why is the UK Government so reluctant to address the problem at source?
@ferretscot revealed last October their investigation uncovering 43 peers entangled in big oil…
The solution, of course, isn't, as Gordon Brown has suggested, a temporary transfer into public ownership. The solution is taking the whole sector into public ownership, so the obscene profits being posted by BP, Centrica, Shell and others flow into the public purse.
Then, profits can be used to keep bills down and fund a just and properly planned transition to renewables, with no vested interest in increasing consumption. #publicownership #EnergyCrisis #EnergyPrices

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More from @VoteEsther

Sep 23, 2021
I've completed a more detailed review of the 2020 accounts of @UKLabour in advance of the meeting to present them at Conference this Saturday 25th September. I have a number of observations and questions.
The overall position in 2020 is that of a deterioration in all financial respects.
In the Annual Report section on Finances, there is a narrative of a healthy financial position, but that "election readiness" has taken a toll on Party finances since 2014. This is not borne out by the Net Asset position of the Party
Read 16 tweets
Sep 22, 2021
I've analysed the accounts of @UKLabour for 2020. It's clear that the 2020 financial position deteriorated on all measures compared with 2019, and on all measures was the worst financial position since the Party emerged from debt in 2015.
This is the case for income and expenditure, net assets and reserves. At the end of 2020, @UKLabour was teetering on the edge of a minimum reserve level. And yet this was not stated in the accounts.
I will provide detailed analysis in advance of the meeting at @UKLabour Conference on Saturday 25th September, where the Annual Report and accounts will be presented.
Read 5 tweets
Jun 1, 2021
I've heard the *Labour Together" is getting some generous funding from Donors, so I thought I'd have a look at where the money was coming from. There's more than £1m funding recorded on the Electoral Commission database since 2015 Image
I've highlighted the main donors. They are Trevor Chinn and Martin Taylor- the persons who supported the Leadership campaigns of @Keir_Starmer and @AngelaRayner as set out in my previous threads.
Trevor Chinn has donated more than £0.7m since 2015. After the Labour Party and Labour Together, the chief beneficiaries of his largesse were Tom Watson and @Keir_Starmer. @AngelaRayner benefitted too. Image
Read 9 tweets
Jan 28, 2021
How are @UKLabour finances doing in these tumultuous times? I have reported previously on the 2019 accounts: .
In 2019 Labour reported break-even. But data set out below suggests that the Party is likely to move into the red in 2020 & more so in 2021.
Here’s @UKLabour donation funding from the final quarter of 2017 to the third quarter of 2020 (the latest available) and excluding Electoral Commission Funding Image
Excluding the peak in funding due to election contributions recorded in January 2020, the average donations in 2020 (adjusted to four quarters) are the equivalent of £3.7m lower than the mean funding in 2018 and 2019.
Read 11 tweets
Nov 23, 2020
@Keir_Starmer chose not to publish details of the donors to his leadership campaign until the polling had closed. Why was that? Let's look at the donations and the donors.
The only material individual (non-union) donor declared before March 2020 was Robert Lantham's donation of £100,000 (Lantham was a colleague in Starmer's Chambers. We all knew that Starmer's campaign was costing a lot more than that (what did you do with that poster?)
The other individual material donations (I've included those of £15K and above), were declared on the register in March.
Read 11 tweets

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