“One of the corporate scandals of our times”
Earlier this week, BP announced it had secured £4 billion in profits in the first three months of 2023. Today, another fossil fuel giant has confirmed its staggering profits. Shell made record breaking profits of £7.6 billion in the first quarter of the year.
The news has been met with outrage from trade unions who have slammed the government for not taking action on energy firm profiteering in the middle of a cost of living crisis partially driven by high energy bills.
TUC general secretary Paul Nowak said: “These sky-high profits beg the question – will the government ever have the backbone to tax the energy giants properly? While families across Britain have struggled to heat their homes, Shell have enjoyed a record cash bonanza.
“Our energy market is fundamentally broken. Struggling households shouldn’t be lining the pockets of shareholders and fat cat CEOs. We could all have lower bills if government taxed excessive profits, introduced a social tariff and created public ownership of new clean power. It’s time to end the energy racket.”