Energy giants rake in £60m a day in massive Tory tax failure

Companies such as BP and Shell are expected to report year-to-date profits of over £10 billion this week

BP is expected to announce that it made a profit of around £3.4bn in the first three months of this year (

Image: Getty)

Energy giants are raking in huge profits estimated at £60m a day following the Tories' failure to introduce a real windfall tax, figures show.

Companies such as BP and Shell are expected to report year-to-date profits of more than £10 billion this week.

Labour has accused the government of giving these companies 'generous and untargeted aid' as millions of households grapple with sky-high energy bills.

Rishi Sunak is facing fresh calls to follow Norway's lead and hit companies with 78% taxes on windfall profits fueled by huge price increases last year.

BP is set to announce it made around £3.4bn in profit in the first three months of this year, while Shell is set to reveal on Thursday it made around £7bn so far this year.

On Thursday, Shell is set to reveal that it has made around £7bn so far this year (

Picture:

Anna Gowthorpe/PA Wire)

Figures from the Office for Budget Responsibility indicate that £60 million in profits are made every day in the North Sea.

Shadow Energy Secretary Ed Miliband said: 'As families face skyrocketing bills, the Tories refuse to do the right thing and impose a tax on windfall profits to oil and gas giants to help freeze council tax this year. That's the choice Labor would make, because we're on the side of the working people."

Companies extracting oil and gas in the UK's North Sea areas must pay 35% government energy profit tax, but this tax can be reduced if companies invest in new production; a loophole that Labor says has saved businesses billions.