Calls for windfall tax grow as BP’s profits surge

Oil giant BP has reported its highest profit for eight years, prompting calls for a windfall tax on energy companies.

BP posted a profit of $12.8bn (£9.5bn) for 2021, and it made more than $4bn in the final quarter of the year when oil and gas prices surged.

The jump in energy prices means households are facing huge increases in gas and electricity bills from April.

Labour said it was “only fair and right” that energy firms making higher profits should pay more tax.

–BBC

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