Ɖ Gardịn vy on Śel’z profits: ineḅlñ clîṃt n iniqoḷti imrjnsiz
(Transcription of an editorial published in the Guardian on 27 October 2022)
Britn z in trubl f Riśi Sŭnac sz it’s dificlt t ćūz btwn cutñ public srṿsz n taxñ xesiv eṇjiprofits
Ʈrzde 27 Octobr 2022
Ɖ caś mśīnz r ẃŕñ at ôljaynts, bt ɖ muni z biyñ snt t śerholdrz rɖr ɖn hǎsholdz. Ɖt’s lūdicṛs ẃn votrz r trapt btwn a cost-v-livñ crîsis n a lūmñ clîṃt dzastr. On Ʈrzde, Śel md an £8bn profit in ɖ ʈri munʈs t Sptmbr – tecñ its hōl t ovr £25bn ɖs yir. Ɖ cumṗni wl hand bac muni t śerholdrz bî rezñ its diṿdnd n a £3.5bn śer baibac. Dspt mcñ record profits, Śel hz nt peid eni windfōl taxz bcz v a guvnmnt-md lūphoul ɖt alǎz ɖ cumṗni t ofset Norʈ Sī invstmnts.
Ɖs farsicl sićueśn hz cm abt bcz v ɖ īc̣nomics v ɖ madhǎs. In 2021, ɖ YC ofrd ɖ bst profitcndiśnz t dveḷp ofśor ôl n gas fīldz. Ɖs md a moc̣ri v clemz ɖt ɖ cuntri wz līdñ a grīn reṿluśn t rdys its carbn ftprint. Big profits in fosilfyl cumṗniz ẃn eṇjibilz wr rîzñ md ɖs sićueśn unsstenbl, n ɖ guvnmnt wz forst t impoz a “tmprri tarġtd eṇjiprofits levi”. Bt it wz ridld wɖ gt-ǎt clōzz.
Tac̣lñ ɖ clîṃt imrjnsi rqîrz a fît fr sośl n ic̣nomic justis. Tax z a wepn in ɖs batl. Grīnpīs hz sd ɖt rezñ YC levlz v taxeśn t ɖ globl aṿrij fr ôl n gas cumṗniz wd rêz an adiśnl £13.4bn. Ɖs z a smōl prîs t pe fr frmz ɖt r frayñ ɖ planit. N it z ɖ frst step nīdd f Britn z sirịs abt ɖ Paris clîṃt’grīmnt t limit globl wormñ t 1.5C abv priindustrịl levlz.
Ẃt’s olso wontd r taxz on caś trnsfŕz t mc śr ɖt cumṗniz r nt ćaṇlñ muni t ɖer śerholdrz at a tîm v naśnl ic̣nomic crîsis. Ɖ left-v-sntr ʈnctanc Comn Wlʈ faund ɖt ôl n gas cumṗniz hv handd ɖer ǒnrz olmst £200bn sins 2010. Ɖs caśflo endz p mcñ ɖ rić rićr – n gvz ɖm a stec in ɖ steṭs qo. A windfōl tax on big carbn wd nt harm rtîrmnt incmz az Britn’z mn pnśnfundz ǒn les ɖn 0.2% v Śel n BP śerz.
Ministrz śd inact ɖ pṛpozl md jôntli bî ɖ Insttyt fr Public-Poḷsi Rsrć n Comn Wlʈ fr a windfōl tax on ɖ śer baibacs v FTSX-listd cumṗniz. Ɖs cd jeṇret £11bn – wɖ Śel n BP alon mcñ p nirli haf ɖt figr. Ɖ cuṛnt ic̣nomic modl hz bn an ineblr v caṭstrofic clîṃtćenj n īqli caṭstrofic iniqoḷti. T ćenj ɖs fr ɖ betr, guvnmnts wl nīd t aplî ɖ tax ʈumscruz, nt jst mc haf-hartid apilz t altruizm.
Riśi Sŭnac’z dsiźn nt t atnd ɖ Cop27 clîṃtsumit z a bad sîn ɖt h w’nt prîoṛtîz ɖ invîrnmnt. Īvn wrs z hiz îdīa ɖt public dét òt t b fōlñ az a śer v ɖ naśnl icoṇmi. Ɖ psyt v ɖs iraśnl gol siz Mr Sŭnac lcñ t fînd £35bn. It śd b īzi t ćūz btwn cutñ public srṿsz, ẃć wl damij groʈ, n taxñ xesiv eṇjiprofits ɖt harm ɖ planit n incris iniqoḷti. Ɖt ɖz r “dificlt dsiźnz” fr Mr Sŭnac z rvilñ abt bʈ him n ɖ trubl in stor fr Britn.
