Energy companies have made record profits during the cost of living crisis (Picture: Getty)
Jeremy Hunt has announced a further windfall tax on booming energy firms to ease the pressure on households and businesses this winter.
Companies like Shell and BP have made enormous gains selling gas and oil while families across the nation struggle with the cost of living.
Shell reported profits of £8billion for the last quarter, taking its total to £25billion for the year.
Campaigners and Labour have repeatedly said the huge profits were an opportunity for another windfall tax.
Barring a major collapse in oil and gas prices, it is set to be the energy’s sector most profitable year to date.
The business has massively benefited from a post-pandemic economy desperate for energy to fuel growth.
Russia’s war in Ukraine has also pushed gas prices to all-time highs in Europe, while the price of oil has soared internationally.
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Rishi Sunak launched a 25% windfall tax on oil and gas companies operating in the North Sea, back when he was chancellor in May.
But this did not stop firms handing billions to shareholders, leading to critics like Greenpeace demanding a ‘proper tax’.
The government was also forced to intervene in September to freeze the price cap as average families faced paying £5,000 for their energy bills in January 2023.
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Companies like Shell and BP have made enormous gains selling gas and oil while families across the nation struggle with the cost of living.
