Labour calls for energy firms to pay more tax on £60m-a-day profits

A BP oil platform in the North Sea. BP more than doubled its annual profits last year. Photograph: Reuters

Energy companies are making £60m in profits a day from operations in the North Sea and should be paying more in tax to fund a freeze on council tax for cash-strapped households, according to Labour.

Labour’s call comes before the latest financial updates from Shell and BP this week. The energy companies are expected to report more bumper profits to the London market due to the spike in prices caused by Russia’s invasion of Ukraine.