Sinn Féin Upper Bann MLA John O'Dowd calls for windfall tax after 'eye-watering' profits by BP and Shell

Sinn Féin’s John O’Dowd responded to BP’s announcement of its second highest quarterly profits on record by saying a windfall tax must be introduced to cut energy companies’ staggering profits.

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BP announced that it’s profits soared to £7.1 billion between July and September this year.

The Upper Bann MLA said: “In just three months, BP has made record breaking profits of over $8.2 billion (£7.1 billion), according to their recent announcement.

“They will also be giving $2.5 billion to shareholders at a time when people can barely afford their energy bills, with prices having risen to an extortionate level.

"Shell also announced last week that they had made $9.5 billion in profits in the third quarter.

"After hearing the financial concerns of my constituents in Upper Bann during this cost-of-living emergency, I was disgusted to hear that Shell increased pay-outs to shareholders through dividends and share buybacks of $4 billion. And now this added news from BP is majorly disappointing.

“A windfall tax needs to be introduced to cut these eye-watering profits and redirect money back into people’s pockets. It is scandalous to think that hard working families and businesses are the ones struggling while massive corporations are becoming billions of pounds richer.

“It is vital that the British government support ordinary people by cutting taxes on fuel and energy and help to reduce the cost of these necessities as we head into the cold winter months.”