Wednesday, May 4, 2022

BP’s record earnings make a compelling case for an unexpected tax

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“If you impose a windfall tax on energy companies, that means you discourage them from making the investments that we want to see that will ultimately keep energy prices lower for everyone,” Boris Johnson said.

The Prime Minister spoke after BP announced sky-high energy prices were filling its profit tanks and spilling over its forecourts.

Yes, there was the not inconsiderable issue that pre-tax profit was cut by $25.5bn (£20bn) as a result of the group’s exit from Russia.

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