The company has reported operating profits of $9.5bn dollars (£8.19bn) which is more than double during the same period in 2021.
Energy company Shell has reported that it has doubled its profits in the third quarter, while Britons faces a cost of living crisis, with millions struggling to make ends meet.
The company has reported operating profits of $9.5bn dollars (£8.19bn) which is more than double during the same period in 2021.
Shell also reported two consecutive quarters of record profit in the first half of the year at a time of soaring oil and gas prices.
News of the record-breaking profits led to renewed calls for a windfall tax from the Labour Party, with Shadow climate secretary and former Labour leader Ed Miliband writing on Twitter that it was time for energy companies to “pay their fair share.”
“Rishi Sunak’s existing plans would see billions of pounds of taxpayer money go back into the pockets of oil and gas giants through ludicrous tax breaks,” he wrote.
TUC General Secretary Frances O’Grady also called for a higher windfall tax on oil and gas companies. She said: “The government has run out of excuses.
“It must impose a higher windfall tax on oil and gas companies. The likes of Shell are treating families like cash machines.
“Today is another reminder of why need to bring our energy sector back into public ownership. Households across Britain are being fleeced.”
Labour MP Jon Trickett tweeted: “Shell has doubled its profits between July & September to £8.2 billion.
“They’re set to reward shareholders with a 15% increase in dividend payouts.
“This is why our energy bills are through the roof. The case for a windfall tax on energy company profits couldn’t be clearer.”
LFF columnist Prem Sikka tweeted: “Picking our Pockets. Shell doubles third quarter profits to $9.5bn (£8.2bn).
“Hands £3.4bn to shareholders in share buybacks, increases dividends.
“People get higher energy bills, inflation, poverty and cost of living crisis. Need 100 % windfall tax.”
Basit Mahmood is editor of Left Foot Forward
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