Thursday 5 May 2022

Energy companies making an extra couple of billion profit every month during an energy crisis is no reason to implement windfall tax, insists government


Boris on windfall tax

The government has reacted to vastly increased profits by BP and Shell in the midst of an energy crisis by insisting now is not the time to consider a windfall tax for companies raking it in while everyone else suffers.

Prime minister Boris Johnson explained, “Energy companies have long been known for their philanthropic environmental efforts, and as such it would be remiss of us to place a windfall tax on them simply because they are experiencing a huge profit windfall during a time of national energy crisis.

“Some people might suggest that two energy companies making an extra £1,000 per second in profits while pensioners ride the bus to keep warm is something of an immoral travesty. But remember, it’s just the market forces that we love and hold so dear working their magic.

“If the market wants your granny to freeze to death while energy company executives can buy a third Caribbean home, then so be it.”

Voter Simon Williams told us, “BP and Shell alone made $10 billion more in the first quarter of this year compared to last. That’s not their total profit, that’s just how much MORE they made this year than last. That’s the extra they’ve made while we’re all facing crippling energy costs.

“For context, that’s more than one of the world’s biggest company, Amazon, made in the same quarter. They made EXTRA profits, more than the TOTAL profits of Amazon.

“That’s about £500 for every single household in this country – in extra profits – in just three months.

“I don’t know what the threshold is for the government to consider a windfall tax, but if it’s not an extra $10bn in profits in a single quarter, then I guess we’ll never get there.”

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