Shell profits soar 53% to new record high amid growing calls for windfall tax

The Independent says Shell recorded the highest profit in its 115-year history as it benefited from soaring oil prices driven by Russia’s invasion of Ukraine.

Profits increased by 53 per cent to £68.1bn in 2022, while earnings adjusted for taxes doubled to £32.2bn – sparking calls for Rishi Sunak’s government to expand the windfall tax on profits.

Labour, the Liberal Democrats and climate change campaigners said the government was letting fossil fuel companies “off the hook” by failing to impose a strong enough tax on the “proceeds of war”.

Ed Miliband, Labours shadow climate secretary, said ministers were letting “the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax”.

https://www.independent.co.uk/news/business/shell-profits-energy-prices-gas-b2274211.html