Chancellor George Osborne is in the spotlight after it was discovered that he is looking at new ways to take money from the public in an effort to fund businesses that are already some of the wealthiest on the planet. He has been aided in his new endeavour by Vince Cable, the business secretary, who is rumoured to be completely under the spell of corporate lobbyists.
This is not so hard to believe, as their actions in the face of many energy intensive users seems to signify that they do not care about economic sense, but instead only about the lobbyists account books.
Osborne said in a statement given last Tuesday that £250m of taxpayers’ money is going to be given to chemical, cement, steel, and other power hungry industries. According to Osborne, this must be done in order to help ‘protect’ them from the emissions trading scheme that is soon to be enacted by the European Union.
This, however, is quite shameful given the fact that the Brussels lobbying by industrial companies has already diminished the value of the EU ETS so that energy giants will likely receive about four billion euro in carbon pollution permits.
One would think that four billion with the promise of up to 12 billion by the close of the year in energy permits would be enough to satisfy the industrial companies, but yet they still continue to announce job redundancies and blame the cuts on the EU carbon legislation even though it has netted them some free money in permits.
Ironically, the giants produce about 13% of the carbon emissions in the UK but only make up about 1% of the GDP and about 0.5% of the jobs, making them the heaviest polluters but very little contributors to the economy.