Energy giants rake in £60m a day in profits as Tories ignore windfall tax demands

The Government has been accused of giving these companies 'generous and untargeted subsidies' by Labor as millions battle the cost crisis of life.

The energy giants are expected to report bumper earnings this week (

Image: Hazel Falck)

Energy giants are raking in around £60m a DAY from the Tories' failure to introduce a real windfall tax, according to new figures.

Companies such as BP and Shell are expected to report year-to-date profits of around £7 billion this week.

The government has been accused of giving these companies 'generous and untargeted aid' by Labor as millions struggle with the cost of living crisis.

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.

Today (TUES), BP is set to announce that it made a profit of around £3.4bn in the first three months of 2023.

In the meantime, Shell is expected to announce that it has earned around £7 billion since early January.

PM faces calls to hit energy companies harder

Shell will announce its figures on Thursday, figures from the Office for Budget Responsibility (OBR) suggest that £60million in profits are reported every day in the North Sea.

Ed Miliband, Shadow Energy Secretary, said: "As families grapple with the crisis of skyrocketing bills, these new figures confirm once again that the Tories refuse to do what is fair and just and to introduce a real windfall tax on oil and gas Giants will help freeze council tax this year.

"That is the choice Labor would make ahead of these local elections, because we are on the side of the workers."

Labour claims that a windfall tax on profits since last year will bring more than £10 billion into the Treasury over the next two years.

Last year, Norway imposed a 78% tax on energy companies on their eye-watering profits.

As part of its Energy Profits Tax, the government has ordered companies to pay 35% of the Energy Profits Tax for companies extracting oil and gas in the UK's North Sea regions .