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At a time when British politicians are trying to lure the wealthiest people in the world back from freer markets, after having driven them out over the past decade, it shows its true socialist colours by policing the profits of BSkyB. From the FT:
BSkyB’s films profits too high, says watchdog
By Ben Fenton, Chief Media Correspondent
Published: February 7 2011 22:31 | Last updated: February 7 2011 22:31
The Competition Commission has reported that British Sky Broadcasting is making “excess profits” on its Sky Movies service, prompting analysts to say that the broadcaster will be forced to cut its margins…
The commission said Sky Movies had consistently earned excess profits that could not be justified by the risks taken early on in its exclusive contracts.”
This sounds just like a “windfall tax” that developing nations impose on their mines when commodity prices enter the latter stages of a bull market.
The UKPP does not have commodities so they simply call it “excess profits” and tax it, and in so doing steal these profits from the private sector.
Now the competition commission will argue there is no competition and this is why they must regulate these earnings. But why is there no competition? Is it because the UKPP regulates the airwaves, that satellite operators must apply for and pay exhorbitant fees to get a state license before they may use the airwaves perhaps?
Sounds a lot like our own ICASA “cracking down” on those naughty cellphone companies for charging too much. When in reality they are the ones creating the excessive profits. Why is this logic so hard to understand?