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by  Monkles 30 March 2014

twitter.com/#/monkfry

&

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Tory DNA

Diane Abbott was the star turn of last week's BBC Question Time.

Her bold accusation that the big six energy companies are an illegal cartel, certainly contradicted other contributors who wished to assert that the big six make a reasonable and modest profit return of just 5 %.

A contribution from the audience was scarcely noticed but would seem to highlight the fact that a 5% profit margin in the retail arm of a multinational does not disguise the profit of the wholesale interest of the same company that has unknown profit margins in the multinational wholesale energy markets.

Nevertheless, Ofgem are aware that retail energy profits have increased four fold from 233 million in 2009 to 1.1 billion in 2012, with no clear evidence of suppliers becoming more efficient in reducing their own costs.

So what gives?

Whatever the retail friendly contributor on the panel had to say, Diane Abbott's claim of an illegal cartel should, and perhaps shall be examined, but will it be examined short term and in public and in the public interest? I am pretty sure Dave will make sure that does not happen before the general election.

Ofgem have of course announced this week that the matter will be looked into and that they will report in two years time. Had Ofgem done so two years ago then we would and should be reading the report now and consumers would now be better off.

Only the big six want artificially high energy bills fixed for the next two years.

Tories are fond of profit-making conglomerates and only recently have they been so ostentatiously appalled by excessive profits and fat bonuses but without actually doing anything about them at all since they have been in power. Why would any voter expect them to do so?  It is simply not in their Tory DNA.

The coalition has pointed out that the “big six” profits feed into pension funds.

Pension fund abuses are also on the Tory radar, and George Osborne has cleverly and cynically played that hand in the last budget. So clever of the Chancellor to bribe pensioners with their own money, as this week's hero Diane Abbott has put it so well in the same programme..

 

So clever of the Chancellor to bribe pensioners with their own money

#Hippo #sameoldtories #ElectoralFraud

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