The Lib Dems urge Sunak to put people before profit

Liberal Democrats have urged the new Prime Minister Rishi Sunak to bring in a windfall tax on oil and gas producers after Shell reported its second highest quarterly profit on record.

Shell's profits more than doubled in the third quarter, reaching $9.5 billion compared to $4.2 billion during the same period last year. However, in recent years, companies such as BP and Shell have paid almost no tax on these profits in the UK - Shell even received tax back in 2021.

Meanwhile, families are paying an extra £425 on food, drink and clothing than a year ago, and an additional £310 is needed to refill a car.

The Liberal Democrats have renewed their calls for a windfall tax and said that the Government should announce it when the new Chancellor Jeremy Hunt unveils the Government's economic plan on the 17th November.

The Lib Dems have said a windfall tax on oil and gas producers who have benefited from rising prices would generate enough money to give over seven million households £300 off their heating bills this year – an estimated £5 billion.

Leader of Sheffield Liberal Democrats Councillor Shaffaq Mohammed said:

"The new Prime Minister needs to act. Oil and gas company profits have soared and they've paid little to no tax. It's time to make them contribute fairly to society and help those hit hardest by soaring fuel prices.

"A windfall tax on big oil and gas companies will not only raise much needed funds, but send a clear signal that the government is serious about helping people and investing in renewable energy.

"It's time to see where Sunak's priorities are. The new Government will announce their economic plan in just a few week's time. Will he stand up for the millions struggling to heat their homes, or will he continue to let big corporations get away with paying hardly any tax on record profits?"