What do you make of Shell's record profits when so many are struggling to pay energy bills?
so a household using a typical amount of energy will pay £2,500 a year.
The government's windfall tax only applies to profits made from extracting UK oil and gas. The rate was originally set at 25%, but has now been increased to 35%. However, companies are able to reduce the amount of tax they pay by factoring in losses or spending on things like decommissioning North Sea oil platforms. It has meant that in recent years, energy giants such as BP and Shell have paid little or no tax in the UK.The annual profit figure far surpassed Shell's previous record set in 2008. The company also said it had paid out $6.3bn to its shareholders in the final three months of 2022, and that it planned another $4bn share buyback.
Labour's shadow climate change secretary Ed Miliband said: "As the British people face an energy price hike of 40% in April, the government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.
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