. In Britain, where households face the biggest drop in living standards on record, that has triggered demands for a special tax on energy company earnings to help consumers.
Prime Minister Boris Johnson on Wednesday rejected calls for a windfall profits tax, saying it would reduce investment in Britain just as the country isand increase production from renewable sources. But opposition parties stepped up pressure after Shell’s earnings report. The government’s “refusal to tax the super-profits of energy companies is completely unforgivable when people are too terrified to heat their homes,” said Ed Davey, leader of the Liberal Democrats. “This one-off levy would raise billions of pounds that could help vulnerable families with their energy bills now. It is a no-brainer.”
Brent crude, a benchmark for global oil prices, averaged $102.23 a barrel during the first quarter, 67% higher than during the same period last year. The British media is filled with stories about people forced to skip meals or go into debt as they struggle to heat their homes after a 54% increase in household energy prices took effect April