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Outrage after Shell earnings double whereas thousands and thousands battle with value of residing disaster

Vitality firm Shell has reported that it has doubled its earnings within the third quarter, whereas Britons faces a price of residing disaster, with thousands and thousands struggling to make ends meet.

The corporate has reported working earnings of $9.5bn {dollars} (£8.19bn) which is greater than double throughout the identical interval in 2021.

Shell additionally reported two consecutive quarters of report revenue within the first half of the 12 months at a time of hovering oil and fuel costs.

Information of the record-breaking earnings led to renewed requires a windfall tax from the Labour Occasion, with Shadow local weather secretary and former Labour chief Ed Miliband writing on Twitter that it was time for vitality firms to “pay their fair proportion.”

“Rishi Sunak’s current plans would see billions of kilos of taxpayer cash return into the pockets of oil and fuel giants by way of ludicrous tax breaks,” he wrote.

TUC Normal Secretary Frances O’Grady additionally known as for a better windfall tax on oil and fuel firms. She mentioned: “The federal government has run out of excuses.

“It should impose a better windfall tax on oil and fuel firms. The likes of Shell are treating households like money machines.

“At this time is one other reminder of why have to deliver our vitality sector again into public possession. Households throughout Britain are being fleeced.”

Labour MP Jon Trickett tweeted: “Shell has doubled its earnings between July & September to £8.2 billion.

“They’re set to reward shareholders with a 15% enhance in dividend payouts.

“This is the reason our vitality payments are by way of the roof. The case for a windfall tax on vitality firm earnings couldn’t be clearer.”

LFF columnist Prem Sikka tweeted: “Selecting our Pockets. Shell doubles third quarter earnings to $9.5bn (£8.2bn).

“Arms £3.4bn to shareholders in share buybacks, will increase dividends.

“Folks get larger vitality payments, inflation, poverty and price of residing disaster. Want 100 % windfall tax.”

Basit Mahmood is editor of Left Foot Ahead

The submit Outrage after Shell profits double while millions struggle with cost of living crisis appeared first on Left Foot Forward: Leading the UK's progressive debate.