By Claire Gordon • 07 January 2022 • 17:05
Photo by Maria Lupan on Unsplash
The UK’s biggest oil and gas companies pulled in £10.2billion in just three months last year. The newly revealed figures come as soaring costs are hitting the average family in the UK and across Europe. Households are looking at an increase of up to £2,000 in dual fuel bills in April when the energy price cap is reviewed.
This shocking amount of money has been shown after previous reports of the companies paying zero UK tax on North Sea gas and oil for three years while receiving £660million in tax credits in the last five years. BP chief executive Bernard Looney boasted it was a “cash machine” after soaring costs boosted the firm’s profits.
In March, it was reported that Mr Looney would receive £1.735m for the year, while in the spring it was said that Shell chief Ben van Beurden’s 2020 pay was €5.8m for 2020, reports the Mirror. The Government is looking at bringing in new measures to assist people in need with their soaring costs and energy bills.
Options being discussed are believed to be bringing in a windfall tax, extending the £140-a-year Warm Home Discount or removing green levies. PM Boris Johnson is so far resisting calls to slash the 5% VAT on dual fuel.
From July to September, Shell and BP reported combined profits, dividends and buybacks of £10.2bn. Profits were up from just over £750m in the same quarter in 2020, to around £5.5bn. Shadow chief secretary to the Treasury Pat McFadden said: “These figures will stick in the throat of working people.”
The Lib Dems said a windfall tax would offer families a £5bn winter lifeline to combat soaring costs. Leader Ed Davey said: “It can’t be right that a few fat cats are raking it in.”
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