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Commenting on reports that the Treasury is considering a windfall tax on energy company profits, Chris Hannant, Head of Policy at the British Chambers of Commerce, said: "Imposing a windfall tax on energy company profits won't bring down the price of energy bills, so consumers and business will lose out. The tax would be a knee-jerk reaction that risks the UK's ability to attract essential investment needed to secure and upgrade our future power supplies. Failure to gain this investment will mean consumers are even less likely to see any reduction in their bills as the country would remain in a precarious position over supply."
Ends
Media Contacts:
Fiona CunninghamTel: 020 7654 5812 Email: f.cunningham@britishchambers.org.uk
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Sam TurveyTel: 020 7654 5813 Email: s.turvey@britishchambers.org.uk
Notes to Editors:
The British Chambers of Commerce (BCC) is the National Voice of Local Business.The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.
Commenting on the windfall tax petition organised by the pressure group, Compass, and signed by 80 MPs
Commenting on the Secretary of State for Business, Enterprise and Regulatory Reform's announcement today, that the UK will build a new generation of nuclear power stations