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‘Tax the massive profits of energy companies,’ say Sunderland residents as people struggle to cope with cost of living crisis

As people express very real fear of how they will warm up this winter, Washington buyers say whoever becomes prime minister must tackle ‘massive profits’ being made by energy and fuel companies and reduce the burden on small and medium enterprises. income families.

Fears were heightened with the Bank of England today (August 5) predicting that inflation will now exceed 13% by the end of the year and forecasting the prospect of a recession in the UK economy.

To fight inflation, Bank of England Governor Andrew Bailey raised interest rates to 1.75%, the highest in 27 years.

It’s a situation that is pushing many Sunderlanders to the brink.

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Retired sales representative Ron Clark, 77, said: ‘My pension has gone up 3%, but inflation is going to go up to 13%. Without my private pension, I could not survive.

“I voted for the Conservatives in the last election, but if Sunak becomes Prime Minister, I will no longer vote for them.”

Ron and Doreen Clark, 77 and 75, believe the government should do more to help people with the cost of living.

Wife Doreen Clark, 75, added: ‘More needs to be done to help ordinary people, especially with the cost of energy and fuel.

It’s a sentiment shared by retired college technician Robinson Ridley.

Robinson, 75, said: ‘We are just above the level needed for pension credit and so in many ways we are the worst off because we get very little help. Last year I paid £70 a month for my gas and electricity. It is now £159 and will soon be over £200.

“We’re barely getting by, but we’re definitely looking at the pennies more.”

Grahame Waters, 56, believes massive profits from fuel and energy companies should be taxed and reinvested to support people.

Terry Emmet, 75, says the politicians running the country are “out of touch with ordinary people”.

He said, “Rishi Sunak is a millionaire and his wife is heiress to billions, so they don’t realize what ordinary people have to put up with.

“We’re really worried about turning the heat on as we head into fall.”

As the government has introduced a £400 payment to help with rising energy costs, wife Susan Emmet believes payments should be means-tested.

Robinson Ridley, 75, has already seen his gas and electricity bills more than double.

She said: “Everyone, including the very wealthy, will get this payment. Some of those people don’t need it, so it would definitely be better to use it to help those who need it the most.

Rising costs have already led people to change their consumption habits.

John Ruddick, a retired BT telephony engineer, 65, said: ‘We’re barely getting by. We only turn on the television late at night and only turn on the boiler for 30 minutes a day.

A number of people have argued that lower taxation on normal people and higher taxation on the profits of energy and fuel companies is the answer.

Tony Garret, 61, said: “There are a lot of fuel taxes and the government could do more. The profits made by the electricity and gas companies are ridiculous.

John and Susan Ruddick, both 65, are already taking steps to conserve their energy use.

Grahame Waters, 56, added: ‘I think the government could do more, but I also think the fuel and energy companies could too. Some of the huge profits they make should be taxed, with the money passed on to ordinary people.