It's been a windfall week for the giant energy companies after BP and Shell announced profits of £12 billion in the first three months of 2022.
That’s £133 million a day or nearly £100,000 every minute. These excess profits are driven largely by the war in Ukraine and surging energy prices.
At the same time as the energy giants are making billions in profits, millions of families can’t keep up with their bills. Energy, food, fuel and other everyday costs are soaring. From pensioners to children, too many are being plunged into poverty as a result. Many people are left with the choice between heating their homes or feeding their families. This is a scandal.
The pandemic showed that politicians can choose to support people when times are tough. The government has to act.
This is why we’ve decided to take action. With our friends at 38 Degrees and we’ve set up a petition that we would love you to sign up to.
We need fair taxation to tackle this cost of living scandal. Sign our petition here.
Boris Johnson and Rishi Sunak must do more to help people struggling to pay their bills. They should pay for this by levying a windfall tax on the bumper profits of the energy giants.
It should be part of a broader package to make the tax system fairer by cracking down on tax dodging, closing tax loopholes and ensuring the wealthy pay their share.
We’ve been in the media all week making the case for a windfall tax and it’s becoming harder to see why the government hasn’t acted yet.
Our Head of Movement and Partnerships, Sara Hall, made the case to LBC News. Our Head of Advocacy spoke to Talk TV’s Julia Hartley Brewer. There’s growing support across the political spectrum for action.
This is not an issue that we are prepared to drop. Add your voice to the chorus of people calling for a windfall tax on energy company profits.