A CAMPAIGNER for fair fuel prices has said that the country faces a worse economic emergency than the energy crisis of the 1970s.
Howard Cox, founder of the campaign group FairFuelUK, also said that the Government must impose a windfall tax on energy companies to ease the burden on consumers and businesses.
Asked by Liam Halligan during On The Money on GB News if the current economic and optical situation was reminiscent of the 1970s, he said: “Yes, to some extent. We had the Middle East crisis then, but we had inflation rates about 15 to 20%.
“Those sorts of areas I remember it well with the price of a mortgage, but nowadays we’re looking at something like 6-7% and it’s predicted at the end of the year to be 10% in terms of inflation.
“Yes, in answer to your question, yes, I think it’s worse because I think it’s more political.”
Mr Cox also said that he backed a windfall tax on energy firms: “I’m very anti punishing success. Why should that happen? But this success has come out of a lucky oil price rise.
“They’ve been fortunate and it’s a huge and I think a one off windfall…it’s come to this simply because something like I get 2,000 emails a week from drivers saying they can’t take much more of this.
“And I believe providing this windfall tax doesn’t go back. It’s going to be hypothecated and put back into solving the cost.
He told GB News: “The important thing about a windfall tax – it’s got to be structured in such a way so it doesn’t ruin the oil companies investment plans.
“They’ve got to keep the energy secure and supplied in terms of guarantees of supply. If they do that, I think there’s a lot of support.
“We only need a one-off windfall tax. We don’t have to do this forever.”
He accused energy firms of cashing in on the crisis: “It’s disgusting, opportunistic, profiteering…
“Fundamentally, for years and years ,the fuel supply chain has opportunistically profited any time oil prices go up.
“Pump prices rocket, when oil goes down, guess what? They come down like a feather.
“You’ve heard of the rocket feather scenario, and fundamentally, the Government has allowed them to do it.
“They’re enjoying a shedload of VAT that’s coming in from these high prices, something like £3-4 billion in the last 12 months.
Mr Cox also said that the goal of net zero carbon emissions should be dropped by the Government.
He said: “Net zero is actually a fashion. It’s become a cult approach by this Government.
“This is the most un-conservative government I’ve ever met or been party to over the years.”
He added: “They are not the friend of drivers. We’ve got so many punitive policies hitting drivers right across the country and local authorities following the various leads.
“Unfortunately, we’ve got Ultra Low Emission zones, low traffic networks. We’ve got congestion charges…it’s about time the 37 million UK drivers got some support here.
“That’s one of the reasons why FairFuelUK is going to continue to campaign.”
