Cork rep calls for windfall tax to help out hard-pressed local families

Local Labour candidate Laura Harmon has called for a windfall tax to help hard-pressed families in Bishopstown, Ballincollig, Togher and Glasheen affected by the cost of living crisis.

Ms Harmon called on the government to heed the Labour Party's proposal to impose a windfall tax on the profits of energy companies, revenue which could be used to alleviate financial stress on hard-pressed families.

“Hard working people in Cork City are already dreading the winter months ahead. Last year, we had the outrageous scenario where people in Cork were afraid to open their bills, many were forced to choose between food and heating,” she said.

“With the high cost of living, high rents and high mortgage interest rates, people need to be supported. When I knock on doors in Ballincollig, Bishopstown, Togher and Glasheen - energy bills and the cost of living are consistently coming up as very challenging for people.

“In a modern, ‘wealthy’ society, it is nothing short of disgraceful that the government has failed to act for people in Cork and across the country.

“We know from figures recently published by the CSO, that wholesale electricity prices have now reached their lowest point in two years. But despite this, energy companies are not passing these lower prices on to consumers. This is simply unacceptable.

“The Labour Party’s windfall tax, which would be an emergency measure, would apply to the significant profits of energy companies that have made in recent months. Revenues accrued from such a tax could be used to help people in Cork city who are struggling with the cost of energy.” She said that Labour’s proposal, which was first made in January 2022, is the only way to ensure that energy companies are not profiting from the cost of living crisis.

“It beggars belief that Fine Gael, Fianna Fáil and the Green Party have failed to act on such a measure,” she said.

“The government has a responsibility to help people with the cost of living crisis. Imposing a windfall tax on energy companies is a fair and effective way to do this. The government should heed the Labour Party’s call and impose a windfall tax on energy companies.”