Bumper BP profits of £4bn in three months spark criticism

Bumper BP profits of £4bn in three months spark criticism
# 02 May 2023 15:23 (UTC +04:00)

Profits hit $5bn (£4bn) in the first three months of the year, although this was down from $6.2bn last year with oil prices having fallen from the peak seen after the war in Ukraine, APA reports citing BBC.

Bumper profits from energy firms have led to calls for them to pay more tax with households facing high bills.

Labour and the Liberal Democrats called for changes to the windfall tax.

Labour leader Sir Keir Starmer called for a "proper" windfall tax on energy profits.

"Of course we want BP and others to make profits so they can invest but these are profits that they didn't expect to make, these are profits that are over and above because the world price of energy is so high," he said.

Liberal Democrat leader Ed Davey said: "These eye-watering profits are a kick in the teeth for all those struggling to pay their energy bills."

He added that the government had "let oil and gas giants off the hook for billions of pounds while people and businesses struggle to pay for their gas and electricity".'

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