The Government is poised to extend a windfall tax on energy giants after Shell yesterday revealed “obscene” profits of more than £1000 a second.
It is understood Prime Minister Rishi Sunak and Chancellor Jeremy Hunt will finally bow to pressure and announce a new levy. It comes as oil and gas goliath Shell announced an £8.2billion haul for the three months to September, double what it made a year ago and the second highest quarterly profit in its history.
Shell, which also announced a new £3.4billion windfall for shareholders, is on track to surpass the record profit it made last year on the back of sky-high energy prices and Russia’s war in Ukraine.
