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Shell: ‘We understand worry for millions – but windfall tax creates uncertainty’

CITYA.M.

Shell: ‘We understand worry for millions – but windfall tax creates uncertainty’

 and : FRIDAY 27 MAY 2022

Shell has slammed the government’s windfall tax, saying while it “understands the worry for million” about the cost of living it will creates “uncertainty” about investment.

This follows Chancellor Rishi Sunak announcing a so-called Energy Profits Levy, a 25 per cent surcharge on North Sea oil and gas sector profits, which could last for up to three years.

The Treasury expects the tax will raise around £5bn over the next 12 months – which will help fund a £15bn package to save the country’s most vulnerable households £1,200 this year.

After BP said the tax may force it to reconsider its UK investment plans, Shell is the latest energy giant to come out against the levy.

A spokesperson told City A.M. : “We understand the worry for millions of people about how high energy costs are challenging their household budgets – and the need for support to help make ends meet.” read more

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