UK (CU)_ As energy prices soar across the world at phenomenal rates, many countries are witnessing governments fall due to high energy and food prices and in some cases adding further to the burden higher rents and mortgage. Most elections across the world, in whatever period of time will always see the economy take center stage and, in this day, and age with global inflation and with huge proportions of the public struggling to make ends meet there is nothing greater than the economy that concerns people. With energy prices set to hit 80% the candidates for prime minister Rishi Sunak and Liz Truss have forwarded their plans with Truss stating that she may do away with the 400-pound support from high income households and said National Insurance tax cuts will be beneficial and suggested on expanding the North Sea energy. However, critics have argued further expansion will not necessarily benefit UK households and stated that non-British corporations or governments may gain control of it. Truss has also promised to cancel levies on energy costs.
Rishi Sunak stated that he would bring in an additional 10 billion pounds to assist people with their bills and also said he would temporarily remove VAT payments on domestic fuel use, taking 200 pounds away from the average bill, where it could bring in an additional 5 billion pounds to the most vulnerable.
A key clashing point for both candidates was the windfall tax, which is a tax usually levied companies benefitting from the present environment and to which Oxfam International had urged G7 nations to move forward on companies benefitting excessive pandemic profits and to which the Czech government is currently looking into imposing on oil refineries. Rishi Sunak put forward a windfall tax on energy corporations and Liz Truss has hinted that she may withdraw the windfall tax.
