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The Guardian - UK

Business

Phillip Inman

As invasion of Ukraine continues, western nations need to tax war profiteers’ windfalls

United States Oil Vladimir Putin United Kingdom Craig Lowrey Europe Rishi Sunak Shell Repsol Ukraine

A Flotel, the Borgholm Dolphin, is towed past the Nigg Oil Terminal, in the Cromarty Firth, Scotland — Profits in the energy sector are booming yet large allowances for investment mean the UK’s windfall tax rakes in much less than it could. Photograph: Calum Davidson/Alamy

Either we are fighting a war in Europe and should put the economy on a war footing, or we should accept that western government support will falter, dragged back by waning public tolerance.

This message comes from several economists worried that a laissez-faire approach to energy and food prices plays into Putin’s hands.

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