May 26, 2022

Downing Street says the government’s position on windfall tax for energy companies remains the same, despite a sharp rise in profits for energy companies BP and Shell in recent days.

In a Downing Street lobby briefing this morning, the prime minister’s spokesman said he was “unaware of the change in location” on the windfall tax, which was being met despite rising demand for such a tax to meet the sharp rise in energy prices. Consumers will have to face. In the coming months.

Last week, energy regulator Ofgame announced that UK Homes would see a 54% increase in household energy bills in April.

BP this morning announced a profit of £ 9.5 billion for 2021. The news comes after BP’s rival Shell made a profit of over £ 14 billion last week.

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Asked if the prime minister had welcomed BP’s economic performance, Downing Street said it was true “these companies pay significantly more in terms of taxes”, adding that they would do better. Companies will bring “billions of pounds into the economy”.

The Prime Minister told the Cabinet this morning that “oil and gas will continue to play their role in the transition to pure zero”. According to the Telegraph, senior cabinet ministers want to “reconsider” the government’s net zero targets in response to the cost of living crisis.

The prime minister’s spokesman said there was a “strong cabinet agreement” on the continued role of the oil and gas industry in the coming years.

No. 10 added that the government is committed to “investing in renewable energy to provide more energy security.”

Despite the increase in wholesale gas prices by more than 500% in less than a year, British gas exports continue to grow.

Asked why gas exports to foreign buyers such as Belgium and the Netherlands increased dramatically during the domestic energy crisis, Downing Street reiterated that “the oil and gas industry was important to the UK economy.”

Last week, Chancellor Rishi Sink announced a £ 9 billion aid package, including a temporary 200 rebate on all household bills, to be paid at a later date after the fall in energy prices.

Ed Miliband, shadow secretary for climate and net zero, said the BP results strengthened the issue of windfall tax.

The BP boss described the energy price crisis as a cash machine for his company – and those who provide cash are the British people through energy bills.

“It is only fair and right for oil and gas producers to do their part to help the millions of families facing rising inflation and the crisis of precious lives.”

Liberal Democrat leader Ed Dewey called the windfall tax “a matter of fundamental justice”, arguing that it would hurt investment, a “false argument.”

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