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Windfall Tax on Oil Giants BP & Shell?

Mirror.co.uk

Oil giants’ profits for three months would be enough to give every household £450

Analysis by shadow Climate Change Secretary Ed Miliband shows that Shell and BP made combined profits of £12.37billion in the first quarter of 2022.

By Mikey Smith: Whitehall Correspondent: !4 May 2022

Profits made by oil giants in the first three months of this year were enough to give every household £450 towards soaring energy bills.

Analysis by shadow Climate Change Secretary Ed Miliband shows that Shell and BP made combined profits of £12.37billion in the first quarter of 2022.

And that could have delivered a massive cushion to the 28 million British households facing crippling gas an electric bills.

Mr Miliband will renew his call on Tuesday for the Tories to impose a windfall tax an oil profits in an amendment to the Queen’s Speech.

He writes in the Sunday Mirror today: “It is astounding that the Conservatives have opposed it at every turn.

“This is a Government with the wrong values, unable to stand up for the needs of the British people.”

But Rishi Sunak has indicated he may now be ready to U-turn on his opposition to such a tax. The chancellor told the BBC : “These companies are making a significant profit because of elevated prices. “I want to see significant investment back into the UK economy. And if that doesn’t happen, then no options are off the table.”

Shell made £7.3billion in the first three months of the year – nearly triple the profit over the same period in 2021 – while BP made more than £5billion.

Labour wants to see a one off tax of 10% on profits made by North Sea oil producers to raise £1.2billion. That would be used to help families with 54% rises in energy costs.

Spain and Italy have already announced such a tax and the move is backed here by Lib Dems, SNP and Greens.

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