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‘Indefensible’ lack of action by Tories on energy profits, say Welsh Lib-Dems

02 Nov 2022 2 minute read
Welsh Liberal Democrats have hit out at UK Government after BP made £7.1bn in underlying profit.

Welsh Liberal Democrats have hit out at the UK Government following the announcement that BP had made £7.1bn in “obscenely high” underlying profit.

This comes on top of the news last month that Shell made £8.2bn profits during the third quarter of this year.

Despite this profit Shell actually received a tax rebate from the UK Government, the Welsh Lib-Dems have said.

With BP unveiling profits that doubled to more than £7.1 billion in the three months to September, pressure is continuing to mount for an enhanced windfall tax on oil and gas giants to help fill the Treasury coffers.

“These obscenely high profits show the Government’s pathetically low windfall tax is completely failing,” said Welsh Liberal Democrat Leader Jane Dodds MS.

“The CEO of Shell himself has called for a fairer and more effective windfall tax. The government must urgently fix its failed policy before millions more in vital tax revenue are lost.

“Due to the inaction of the Conservative Party, our hospitals, schools and other vital public services are facing huge inflationary pressures to their budgets that may lead to services being reduced or scrapped altogether as health boards, councils and other public bodies have to make their already stretched budgets go further.

“A real windfall tax could be raising billions to protect public services and help keep families warm this winter, instead this loophole is boosting the coffers of oil and gas companies.

“In countries like Spain windfall taxes on both energy giants and large banks have helped fund assistance programmes to help families and public services cope over the winter.

“If it can be done elsewhere the Conservatives have no excuse not to act in the UK and the electorate will remember it if they continue to choose not to.”

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