Oil giant BP celebrates its £5 billion gain – its biggest quarterly boost in more than a decade. Meanwhile, Britons are grappling with the cost of living crisis, but Boris Johnson isn’t helping
Calls for a windfall tax for energy giants grew tonight as BP clinched a £5bn profit.
But the stubborn Boris Johnson again did nothing to help those struggling to pay mounting fuel bills.
In a TV interview with Susanna Reid, the Prime Minister instead lied about bringing in free tickets when told a pensioner rode buses to keep warm.
With prices in stores also soaring, the TUC said of BP’s £639-per-second gain: “This is obscene.”
As beleaguered households continue to struggle to pay soaring energy bills, oil giant BP celebrated a £5bn profit tonight.
The huge crowd sparked fury, further urging Johnson to impose an urgent windfall tax on mega-rich fuel companies.
But the stubborn prime minister again showed no signs of stepping in to help those on the poverty line as energy bosses grow richer.
In a boring TV interview, the Prime Minister struggled to explain what extra help Elsie, 77, was entitled to so she could afford to eat more than once a day.
His brusque response to the London pensioner’s plight was that, as mayor of the capital, he introduced the Liberty Bus pass.
“The 24-hour Liberty Bus pass was something that I actually instituted,” he claimed.
BP’s huge gain was its biggest quarterly boost in more than a decade. But it’s hot on the heels of rising oil and gas prices that are leaving millions of Britons struggling to make ends meet.
It costs £639 per second, which is almost as much as the average £693 increase in annual energy bills for 22 million customers from April 1st.
TUC General Secretary Frances O’Grady said: “At a time when households across the UK are being plagued by soaring bills and prices, these gains are obscene. The government needs to stop making excuses and impose a windfall tax on oil and gas companies.”
Ed Miliband, Secretary of State for Shadow Climate Change and Net Zero, added. “Once again we see the oil and gas companies siphoning billions of pounds in profits from the pockets of the British people and the government refuses to act shamefully.
“The refusal to impose an unexpected tax to conserve energy is deeply wrong, unfair and tells you everything you need to know about whose side this government is on… it’s not the people.”
AFP via Getty Images)
BP rival Shell is also set to announce earnings on Thursday.
But No10 has repeatedly resisted calls for a windfall tax, with the industry claiming it would discourage investment.
But BP is so awash with cash that it announced a £2bn share buyback for investors yesterday.
But Secretary of State for International Trade Anne-Marie Trevelyan defended BP’s huge gains.
She said: “The reality is that if we take away their profits, we will not be able to do the most important thing, which is to invest in the clean energies of the future that will also allow us to break away from our dependency.” solve on foreign energy.”
Our team of cost of living experts are here to help YOU through a very difficult year.
They bring you the latest money news and also offer expert advice.
Whether it’s skyrocketing utility bills, the cost of weekly groceries, or increased taxes, our team is always by your side.
Every Thursday at 13:00 they participate in a Facebook Live event to answer your questions and offer their advice. Visit facebook.com/dailymirror/live to watch. You can read more about our team of experts here.
If you have a question – or want to share your story – please email firstname.lastname@example.org.
However, Italian Prime Minister Mario Draghi has an 11.8bn support package, up from the 10% proposed when the tax was announced in March.
And France has protected customers from price hikes by introducing a 4% cap on bill increases this year.
BP suffered a £19bn loss writing down the value of its investments in Russia, where it is selling its stake, giving it a headline loss of £16.2bn.
But the £5 billion top prize was up from £2.1 billion a year ago.
Birmingham Mail / Darren Quinton)
Bernard Looney, CEO of BP, which earns £4.4million a year, described the energy market as an “ATM” last November.
Despite crippling energy bills, he said: “We support Britain.
“It has been our home for over 110 years and we have been investing in North Sea oil and gas for over 50 years.”
- Energy regulator Ofgem has given a number of companies three weeks to explain why they have allegedly increased customer direct debits by “more than necessary”. The companies involved were not named.
https://www.mirror.co.uk/money/bp-raking-639-second-boris-26864187 BP collects £639 a second and Boris Johnson mumbles more rubbish about buses