Extract from Budget debate: Shell - Mar 20

Bambos Charalambous (Enfield, Southgate) (Lab):...There are three issues that I would like to raise that were not covered in this Budget fully. First, the windfall tax was not mentioned last week, despite oil and gas giants continuing to rake in record profits at our expense. Last year, Shell reported the highest profits in its 115-year history and one of the largest profits in UK corporate history, while BP made profits of £23 billion in the same year, up from £10.6 billion. It is outrageous that the people of Enfield Southgate are struggling to pay their energy bills as oil and gas giants line their pockets. All the while, the Government sit idly by, leaving £10.4 billion on the table through holes in their half-baked energy profits levy. We needed a proper windfall tax on the oil and gas giants’ unearned profits of war—billions of pounds that could help families and businesses across the UK through the cost of living crisis...