Windfall tax

The irrational cruelty of the SNP’s nationalism

They can’t build a ferry, organise a census or keep the railways operating, but when it comes to organising a grievance campaign, nobody does it better than the SNP. This week saw perhaps the most impressive effort yet from team grievance as the SNP tried to turn the Chancellor’s announcement of a windfall tax on big oil companies into a Scotland-versus-the-rest-of-the-UK bun fight. Speaking on Sunday, SNP MP Kirsty Blackman complained:  It feels very unfair that Scotland is having to pay for the entirety of the UK. If Scotland was an independent country, the windfall tax would generate £1,800 for every household in Scotland. With most of the UK’s oil

A windfall tax would only hurt our weakened economy

The calls for tax hikes is ramping up. Last December the Wealth Tax Commission recommended a ‘one-off’ 5 per cent levy on the assets of Britain’s wealthy to pay for the growing costs of Covid-19. In January Oxfam followed suit, using its yearly inequality report to call for big taxes on wealth and high incomes. Now, it’s the International Monetary Fund’s turn, recommending not only a temporary income tax hike for high earners, but also a windfall tax — that is, a tax on ‘excess profits’ — on businesses that faired well and profited during the pandemic. The concept of wealth taxes on individuals is bad enough. Over the past