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£40bn profits for BP and Shell fuel calls for windfall tax on energy firms

£40bn profits for BP and Shell fuel calls for windfall tax on energy firms

‘Obscene’ amounts of surplus cash should be used to ease cost of living crisis, MPs told

Phillip Inman: Sat 5 Feb 2022 17.05 GMT

Oil giants BP and Shell are on course to make a combined profit of almost £40bn this year from the rocketing price of petrol and gas, fuelling calls for a windfall tax on energy firms to ease the cost of living crisis.

Before BP’s annual results this week, anti-poverty campaigners described the profits of oil producers as “obscene” and demanded the government take action to tax their surplus cash to support poorer families hit by rising energy bills.

MPs and unions said a large proportion of the industry’s profits were an unjustified windfall…

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