A three-pronged approach needed to counter energy price hikes

Labour leader Ivana Bacik has today (Friday, 2^nd September) said that the government must act urgently to tackle spiralling energy prices by introducing immediate price caps on energy bills, establishing a windfall tax on the excessive profits of energy and gas companies and increasing fuel allowance eligibility limits for people on low to middle incomes.

Speaking following the announcement by Bord Gáis Energy today of another substantial increase in prices, Deputy Bacik said:

“Like everybody else in the country, I am horrified and outraged at yet another massive hike in energy prices. We cannot keep going on like this. It is unsustainable for people, families and small businesses. We are demanding swift and immediate action from the government to take the pressure off and alleviate the hardship that these obscene and outrageous energy price hikes are inflicting upon people. We believe that, as a starting point, a three pronged approach should be adopted by government, involving a windfall tax on excessive profits, an immediate maximum price cap on energy bills and the extension of the fuel allowance for low and middle income people and families. These represent significant measures which will help to get people through the winter and beyond.”

“The market is clearly out of control so we need a Covid-style emergency response from the government that will keep people warm this winter. Government Ministers are on the record as saying that these price hikes are unprecedented - so an unprecedented, urgent and short term response by government is needed. Nothing less is good enough.”