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Windfall tax needed to cut eye-watering profits of energy corporations - Archibald

1 November, 2022 - by Caoimhe Archibald

Sinn Féin MLA Caoimhe Archibald has called for a windfall tax to cut the eye-watering profits of energy corporations as BP announces its second highest quarterly profits on record.

The party's economic spokesperson said:

“Today BP announced record breaking profits of over $8.2 billion (£7.1 billion) in just three months.

“The company has also announced it is handing $2.5 billion to shareholders at a time when people are being ripped off for their energy bills.

"This follows on from Shell last week announcing $9.5 billion profits in the third quarter, double that of the same period last year, and increased payouts to shareholders through dividends and share buybacks of $4 billion.

“It is an absolute scandal that big energy corporations are walking away with bundles of cash while hiking the bills of workers, families and businesses.

“A windfall tax should be introduced immediately to cut these eye-watering profits and redirect money back into people’s pockets.

“The British government should support ordinary people by cutting taxes on fuel and energy to bring down their bills.” 

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