GB News presenter argues we’re taxing energy companies too much

Shell has recorded the highest profit in its 115-year history as it benefited from soaring energy prices, fuelling anger over the amount of tax paid by the oil giant.

Political and environmental campaigners criticised the profit jump as “obscene” and “outrageous” as UK households face soaring energy costs.

On Thursday, Shell said that core profits rocketed to 84.3 billion dollars (£68.1 billion) in 2022.

The figure represents one of the highest profits ever recorded by a UK company.

The comany said it was due to pay 134 million dollars (£109 million) through the UK windfall tax for 2022, representing a fraction of its mammoth profit.

Shell’s latest profit haul will increase pressure on Prime Minister Rishi Sunak and Chancellor Jeremy Hunt to tax energy producers further, given the pressure on UK households.

But according to Tom Harwood of GB News, we’re already “taxing them to the hilt”.

Watch his comments below:

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.