May 3, 2022
BP profits soar amid calls for a windfall tax
Rising profits have prompted calls for a one-off windfall tax on energy companies to help UK households grappling with rising household bills. Labour has previously said it was "Only fair and right" that energy firms making higher profits should pay more tax. Chancellor Rishi Sunak has said he wouldexplore a policy if the companies did not invest enough in the UK's energy supply. On Tuesday, BP announced plans to invest £18bn in UK energy by the end of 2030.BP also outlined that it had taken a $24.4bn hit on its decision to exit its shareholding in Russian energy giant Rosneft following the Kremlin's assault on Ukraine. "In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, BP's focus has been on supplying the reliable energy our customers need," said BP's chief executive Bernard Looney.
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