Government Must Take Action And Impose Windfall Tax On Energy Companies In Cost Of Living Package To Be Announced Today

Survey results show government must take more radical action to tackle cost of living crisis

People Before Profit TD Paul Murphy has called on the government to introduce a windfall tax on the profits of energy companies, in a package of measures to be announced today, as the cost of living crisis continues to bite.

In reply to a parliamentary question to Deputy Murphy, Minister Donohoe said that a windfall tax of 10% could raise €60 million.

In a survey reported on in the media today, over 90% of people are worried about their savings due to the rising cost of living.

Deputy Murphy TD said: “The government needs to demonstrate to people today in their cost of living package that they are in touch with what people are going through with the inflation crisis. People are being stretched to breaking point with the cost of energy. Over 90% of people in a Bank of Ireland survey today have said that they are concerned about the impact of this crisis on their savings.

“The government must announce radical measures to tackle this crisis. A substantial windfall tax on the profits of the energy companies is now an essential measure. A windfall tax is a measure that the EU Commission has said member states could consider imposing. If a windfall tax on the profits of energy companies is absent from today’s package, it will show that the government is totally out of touch with ordinary people and what they are experiencing.”