 BP has made almost £20billion in profits for the first nine months of this year alone. The company sought to head off criticism by estimating it would pay around £2.2billion in tax on its North Sea operations this year. Of that, almost £700million is expected to come from a windfall tax that was introduced this May. Murray Auchincloss, BP's finance boss, said: 'We understand this is very difficult for society right now.' But Labour, along with campaigners, want new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt to go further in the autumn Budget later this month. Ed Miliband, Labour's Shadow Climate Change and Net Zero Secretary said: 'Rishi Sunak should be hanging his head in shame that he has left billions of windfall profits in the pockets of oil and gas companies, while the British people face a cost of living crisis. BP revealed profits of more than £900 a second on Tuesday ( Getty Images) 'Even){kind=link}
The oil and gas goliath BP announced a forecast-shattering £7.1billion haul for the three months to September, more than double what it raked in the same time last year
Critics claimed the case for hiking a windfall tax on energy giant was “overwhelming” after BP revealed profits of more than £900 a second on Tuesday.
The oil and gas goliath announced a forecast-shattering £7.1billion haul for the three months to September, more than double what it raked in the same time last year.
BP said it was so awash with excess cash it planned to hand another £2.2billion to investors by buying back some of its own shares.
The “eyewatering” profits, coming after similarly bumper results from rival Shell last week, once again fuelled demands for the Government to impose an increased windfall tax on producers.