BP profits surge amid calls for windfall tax

And there’s more rewards to be reaped: analysts think BP and Shell could make almost £40bn in profits this year, enough to cover the energy bills of the majority of UK households, renewing calls for a windfall tax. But the Chancellor is unconvinced, fearing that it could damage investment in lower carbon forms of energy, particularly given that energy giants’ profits, tied as they are to global prices, are very volatile.

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