Calls for return of the ESB’s not-for-profit mandate to drive down electricity prices

“The cost of living crisis is the biggest issue in this election and I have heard so many people talk about how difficult it is to pay all the bills” said People Before Profit candidate for Louth, James Renaghan.

. Working people need a break, so we will abolish the USC for those earning less than €100,000. Instead we will introduce a wealth tax on multi-millionaires that can raise €8 billion.

In a recent survey, a shocking 41% of parents have said they had to skip meals or reduce portion sizes so that their children would have enough to eat. A quarter of parents say they have to borrow money to feed their children and 12% are using food banks. This is happening in one of the wealthiest countries in the world.

The government’s once off payments will not solve the cost of living crisis. Radical measures are required. Therefore, we will introduce price caps on essentials such as food and energy, and we will cap mortgage interest rates at 3%. This will stop the profiteering by supermarkets, by banks, and by energy companies and reduce the cost of living for working people.

A key part of our election manifesto is to return the ESB’s not-for-profit mandate. Our electricity prices were the lowest in Europe when the ESB was a not-for-profit company. But the ESB was turned into a commercial company and our electricity prices have increased to be the most expensive in the EU. The return of the ESB to a not-for-profit energy company would enable it to sharply reduce electricity prices and ease the pressure on household budgets.

These are the sort of radical measures that are necessary and that People Before Profit commit to pursue. I urge people to vote No.1 People Before Profit on 29th November so I can represent the interests of working people in Louth.”