A Windfall Tax on Oil companies profits

Last year, the oil company BP earned more money in two minutes than the average British family earns in a year. In 2021, the company profited £9.5 billion, or £18,000 per minute.

BP has seen £9.5 Billion in profit

At the same time, according to the most recent figures, BP paid no tax on its North Sea oil and gas operations. Instead, the UK Treasury paid BP a £35 million subsidy.
Because of a generous tax system, BP has paid no tax on its North Sea operations. In fact, it has an effective tax rate of minus 54 percent.

Uplift, a climate advocacy group, made the announcement. They’ve done an excellent job of exposing the generous tax breaks given to oil companies like BP.

Profits for major oil companies are skyrocketing, and big oil companies are making bumper profits and are receiving subsidies from the government. Yet families are struggling to keep the lights on. A windfall tax on the big oil companies could fund proper support for families struggling with higher energy bills. During the pandemic some companies and wealthy individuals have done very well Oxfam recently revealed that the world’s ten richest saw their wealth double over the last two years. Last year we found that six companies shared excess profits of £16 billion during the pandemic. We called for a Pandemic Profits tax to help pay for the recovery from covid Among those hardest hit by the cost of living squeeze are carers, the disabled and people who have lost their jobs.

Caregivers, the disabled, and people who have lost their jobs are among those who have been hit the hardest by the cost of living squeeze.

A new plan, written by people who have worked in the benefits and welfare systems, outlines how to combat entrenched poverty.

The Commission on Social Security proposed a guaranteed decent income for all as well as a welfare system based on dignity.

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