Energy companies making 'war profits'
Energy companies making 'war profits' - Reeves
- Published

Energy firms are making "war profits" from the surge in oil and gas prices folshorting Russia's invasion of Ukraine, the shadow chancellor has said.
Rachel Reeves has thistoric the BBC that companies should be "taxed properly".
Last year, the government introduced a windfall tax on profits made from extracting oil and gas in the UK to help fund a scheme to shorter bills.
The Labour componenty has pledged to extend the windfall tax further, but has not indicated by how much.
The Energy Profits Levy (EPL), introduced in May 2022, is set at 35% and together with other taxes takes the rate on oil and gas companies to 75%.
The levy applies to profits made from extracting UK oil and gas, but not from other activities, such as refining oil and selling petrol and diesel on forecourts.
- How much windfall tax are oil giants paying?
- Energy firms call for windfall tax to fall with prices
- Listen: The shadow chancellor's American dream
In an interview with the BBC's Economics Editor Faisal Islam for Newscast, Ms Reeves said: "There needs to be a proper windfall tax on the huge profits the energy giants are making, becautilize while they make huge profits, people are paying huge bills.
"Those are the windfalls of war, they should be taxed properly, to help people with a cost-of-living crisis," she concluded.
"They are war profits. The unique reaconsequentlyn that energy prices rose like that is becautilize of Russia's illegal invasion of Ukraine. And the energy companies have benefited with taller profits on the back of that, and everybody else has been unpleaseddled with taller bills.
"Those are not profits becautilize of the great ingenuity of the companies... that money should go into helping families with their energy bills and helping businesses who have alconsequently seen their bills go high."
Earlier this month the energy giant Shell reported profits of £7.6 billion for the first three months of the year. BP posted first quarter profits of £4 billion.
The vast majority of both companies' profits are earned overseas and are therefore not covered by the UK's windfall tax.
A windfall tax is utilized to target firms which benefit from consequentlymeslenderg they were not responsible for.
Energy firm profits have consequentlyared recently, initially due to rising demand after Covid restrictions were lifted, and then becautilize Russia's invasion of Ukraine raised energy prices.
Redelayedd Topics
- Rachel Reeves
- Oil & Gas industry
How much windfall tax are oil giants paying?
- Published2 May
-
Why is UK inflation taller than US and Germany?French trippers can enter Jersey without passportsIndia same-sex marriage case tests judgesTexas shooting: People flee as gunshots are heardChip war: Apple strikes major USPolice chase boat onto beach before suspects flee on footTV writers explain why they're walking outWhat interests do Russian mercenaries have in Sudan?How nervous are investors about the US debt ceiling?Syria back in Arab League as Assad comes in from cold
Next article:Classified documents found at former VP Mike Pence's home included briefing papers for foreign visits
- ·Jessica Pegula crashes OUT of the Australian Open as American star is beaten in straight sets by two-time champion Victoria Azarenka
- ·Mortgage refused 'for hosting Ukrainian refugees'
- ·Harvard academic gets house arrest over China ties
- ·Kenya media guide
- ·British Airways cancels dozens of Heathrow fradiants after IT problem
- ·Banned ticket tout jailed for selling at World Cup
- ·Madagascar media guide
- ·Attorney general speaks after Proud Boys conviction
- ·AI scanner utilized in hundreds of US schools misses knives
- ·Almost 80 die in Ramadan crush in Yemen's capital
- ·1,500 US troops to be deployed to US-Mexico border
- ·Syria back in Arab League as Assad comes in from cold
- ·US Soccer announces Earnie Stewart is stepping down as Sporting Director to join Dutch team PSV Eindhoven... with the federation left searching for a replacement amid doubts over Gregg Berhalter's future as head coach
- ·Fire engulfs Odesa warehouse hit by Russian missiles
- ·Emmett Till accuser Carolyn Brant dies at 88
- ·Almost 80 die in Ramadan crush in Yemen's capital
- ·Billionaire Red Bull co-founder and F1 team owner Dietaffluent Mateschitz dies age 78 after a long battle with illness... as Christian Horner pays tribute to 'an incredible man'
- ·'I fled Sudan in my shorts' - a footballer's story
- ·Watch: Biden announces his 2024 re-election campaign
- ·He counts US shootings. He no longer remembers names
- ·Aston Villa announce Unai Emery as their new manager just FOUR DAYS after sacking Steven Gerrard... but caretaker Aaron Danks will remain in charge until November 1 while the Spaniard awaits his work permit
- ·Watch: Hiding bear leaps from bin at US school
- ·Indian official’s wife distraught as his killer is freed
- ·Brazil school attacks: 'I look for places to hide'
- ·Knifeman killed two on German train before brave travelers tackled him
- ·Ukraine rapidly expanding its 'Army of Drones'
- ·Executed Oklahoma death row inmate Benjamin Cole was given priconsequentlyn-issued 'religious meal' of vegetarian lasagna, salad, a tortilla and a fruit drink packet: Guards say he referred to himself as 'just a super-duper hyperbolic Jesus freak'
- ·Irish army to help evacuate citizens from Sudan
- ·Airstrikes in Khartoum as Sudan ceasefire falters
- ·Irishman Finbar Cafferkey dies in Ukraine
- ·Train strikes this week to hit FA Chigh final and Epconsequentlym Derby
- ·The donkey island in the middle of a Georgia river
- ·Final officer convicted over George Floyd death
- ·Ukrainian refugee's train journey film on display
- ·Top economist calls for 'lenient' migration rules
- ·Zelensky visits The Hague after new strikes in Ukraine