Last night I spoke to Andrew Marr about the shocking profits made by fossil fuel giants like BP and Shell, who are taking advantage of soaring energy costs.
BP reported £7.1bn in profits this quarter and Shell reported £8.2bn, but thanks to decisions made by Rishi Sunak as Chancellor they will pay barely any tax on this. In fact, Shell has announced that it will pay no additional tax at all on those extraordinary profits due to a loophole in Rishi Sunak’s weak attempt at a windfall tax. That is disgraceful.
Labour has been clear that the burden of soaring energy costs needs to fall on those that are profiting from them. That means implementing a proper windfall tax on fossil fuel giants, backdating it to January when Labour first called for it and closing the loopholes that are letting those companies get away without paying a penny extra.