She added, “These are the spoils of war, and they should be taxed appropriately to assist those in a cost-of-living crisis.”
They are conflicting earnings. The only explanation for such an increase in energy prices is Russia’s illicit invasion of Ukraine. And as a result, the energy companies have enjoyed increased profits, while everyone else has been saddled with higher expenses.
“Those are not profits because of the companies’ great ingenuity… that money should be used to assist families with their energy bills and businesses whose bills have also increased.”
The energy behemoth Shell reported profits of £7.6 billion for the first three months of the year earlier this month. First-quarter profits for BP totaled £4 billion.
Both corporations’ profits are mostly earned abroad and free from the UK’s windfall tax.
A windfall tax is used to target companies that profit from something they did not cause.