Soc Dems calling for windfall tax on energy companies

The deputy leader of the Social Democrats has called for a windfall tax on energy companies.

Speaking on RTÉ’s Morning Ireland programme, Cian O’Callaghan said it is not right that any energy company would make “super additional profits from the current energy crisis while households struggle to pay bills”.

Mr O’Callaghan said the tax would help fund a solar plan that would help households.

“There is no rationale for energy companies to pocket additional profits above what they would usually make in a usual year. We are saying that should be taxed and those funds used to pay for our ‘solar for all’ plan.”

The Social Democrats party is holding its annual think-in today.

Mr O’Callaghan called on the Minister for Finance Simon Harris to put the issue on the agenda of EU Ministers responsible for economic and financial affairs, who are due to meet on Friday.

Even if Mr Harris fails to call for a united approach, we should still do it nationally, Mr O’Callaghan said.

Mr O’Callaghan said the Government’s short-term measures to tackle the rising cost of energy are not sufficient.

He called for temporary reductions in excise to be extended until May and then reviewed.

This will be a significant cost, Mr O’Callaghan acknowledged, but he said “if we do not put long term resources in place, we will be caught in a continual spiral”.

In addition, targeted energy credits need to be given to those households on lower and middle incomes, he said.

Meanwhile, Mr O’Callaghan said the party continues to work in co-operation with other left leaning parties and advocates for a ‘vote left, transfer left’ strategy.

We would like to see a left-wing government formed after the next general election, he said.

“We’re putting a lot of work into building the Social Democrats. We’re going to run a Social Democrat candidate in every constituency around the country, so that people have a choice and an opportunity to vote for the Social Democrats all across Ireland in the next election to try and get as large a mandate as possible,” added Mr O’Callaghan.