• 3 Posts
  • 260 Comments
Joined 1 year ago
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Cake day: March 2nd, 2024

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  • 100% I’d love to see nationalised utilities more than anyone else but we need to be realistic that the choices are:

    1. the government spends an obscene amount of money to buy out the private interests, economy collapses and faraj gets in, or
    2. the government changes laws and takes ownership of the companies (and the debts) some way, needs to borrow tons to service the debts, economy collapses and faraj gets in, or
    3. the government just straight up steals control and the shareholders eat the losses. The above scenario plays out where pension funds collapse, the country is punished by investors withdrawing, economy collapses, faraj gets in. Free holidays to El salvador all round.



  • I have had a 2.4kWp system for two years. Solis inverter, Pylontech batteries and a Myenergi Eddi.

    The good: charging the batteries up at night (on an Octopus two rate tariff) means never paying more than 7p for electricity. In summer I maybe import 3kWh per day. Because the solar energy heats the hot water (via the Eddi) the gas bill has halved. The system I expect to last for >20 years and I expect full payback in around 7 years. A good investment. Since the inverter is chinese made they will probably remotely disable it before they invade, so I’ll get some advance warning and can brush up on my mandarin.

    The bad: almost everything else I have installed (car charger, heat pump etc) has been more painful and required multiple visits from an electrician to sort out - I don’t want the solar batteries to discharge into the car when I charge it, and I don’t want the heat pump to drain the battery either. The installer was terrible and it took ages to get it all right. I had to hack the inverter with a modbus bypass to get it to work with Homeassistant. Thinking of getting aircon upstairs and dreading the conversation with the installer.

    Overall: 10/10 recommend, wish the government would force everyone to have solar panels.





  • Yes the concept of a wealth tax is indeed popular in the UK right now, but the challenge as with similar taxes that target the wealthy (like capital gains taxes) is that there are so many loopholes that implementing it to be effective is really tough. An example:

    • a high net worth individual owns a company worth £100m. what tax should she pay? if it’s a 1% wealth tax, how does that tax get collected? does she have to sell some of the business to the state each year for zero cost? does she have to find another investor to buy some of the business and pay that out to the government?
    • the business has a bad year and is now only worth £80m. does the owner get a £20m tax break now? should the treasury refund the £1m?
    • the business owner goes to the bank and takes a loan of £50m with the business as security. what tax is due now? the owner can use the £50m for whatever she wants, but taxes are not due on loans.
    • she uses the £50m to buy a large amount of property abroad as an investment. what tax is due on those next year? does she have to sell a property every year to pay the wealth tax?
    • finally, the business owner decides to take a stake in a large overseas renewable energy company and buys a 40% holding worth £10m. what tax is due on that holding and how is it collected?

    most wealthy individuals have very little in the bank, and their wealth is based on notional ownership of valuable assets like companies. this is just one example of where it will be very difficult to implement a tax system that doesn’t cause business owners to take their money elsewhere to invest, or on the other hand to have endless court battles to force them to sell assets at some value to pay a tax bill.