Shell records £8bn profit as Britons face soaring bills

While the rest of us worry about the price of heating our homes, Shell has doubled its third-quarter profits.

Labour renewed calls for a windfall tax following the news, in which the energy giant recorded massive profits of £8bn.

So far this year Shell has reported £25bn in profits – more than double the amount it made over the first nine months of 2021.

And it said it had not paid the windfall tax levy, announced in May, and did not expect to throughout 2022, because its British corporate entity did not make any profits during the quarter.

Meanwhile, new chancellor Jeremy Hunt announced earlier this month that the freeze on energy prices will end in April next year despite the government previously promising the freeze would last two years.

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The End Fuel Poverty Coalition described the outlook as “frankly terrifying” and urged the government to focus on a new package of support and energy market reforms, alongside investment in home insulation and renewables.

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