Ed Miliband was at the centre of a heated exchange with Sky News presenter Wilfred Frost this morning, as the two debated the reasons behind the UK’s sky-high energy bills.
💥 The Energy Bill Debate
Labour’s promise to reduce energy bills by £300 a year by 2030 is a key part of their agenda, alongside their ambition to make the UK a “clean energy superpower.” But with gas and electricity prices soaring, Frost wasted no time in questioning Miliband about the government’s handling of the crisis.
Frost argued that UK energy companies are taxed at a high rate – 78% on energy profits – which, according to him, is contributing to the rising bills.
👎 Miliband’s Response: “That’s Wrong”
Miliband didn’t mince his words. “No, that’s wrong,” he shot back. According to the Labour minister, the price of oil and gas isn’t driven by tax rates on UK companies. Instead, it’s dictated by the international market.
Frost, however, wasn’t convinced. He pressed on, suggesting that the price of other products, like batteries, is also determined by raw commodity prices. But Miliband firmly disagreed, explaining that the price of energy is global, and the UK’s tax rates aren’t the reason for the increase.
🌍 Global Prices and the Impact of Russia’s Invasion
Miliband pointed out that the real reason prices soared was the war in Ukraine. “Why did prices go through the roof when Russia invaded Ukraine?” he asked. “We import very little gas from Russia, yet prices shot up because the global market set the price, not the tax rates.”
Frost, however, insisted that taxes on energy companies still play a role in driving up costs. Miliband stood his ground, stating: “You’re wrong about that. The price is set internationally, not by UK tax rates.”
🔄 A Stubborn Stalemate
The exchange continued with no resolution in sight, as Frost argued that increasing taxes on supermarkets would raise prices, while Miliband insisted it depends on whether the price is determined domestically or globally.
In the end, Frost summed it up: “We’ll have to agree to disagree on that.”
You can watch it below:
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