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Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans
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Energy giants already receive Treasury incentives to invest in the North Sea
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Fresh changes have been ushered in that will turbocharge the subsidies
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Plans introduced at same time as Government’s £5bn ‘windfall tax’
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City sources describe exceptionally high incentives as ‘beyond believable’
By LUKE BARR, FINANCIAL MAIL ON SUNDAY
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Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.
BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.
Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis.
This is MONEY.co.uk
BBC NEWS
2 August 2022
Common Dreams
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