Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Shell weighs up £25bn UK spending pledge after Hunt toughens windfall tax

by November 22, 2022
November 22, 2022
Shell weighs up £25bn UK spending pledge after Hunt toughens windfall tax

Shell has warned it could ditch its pledge to invest £25bn in the UK’s energy sector, after Chancellor Jeremy Hunt beefed up the windfall tax last week.

David Bunch, chairman of Shell’s UK operations, confirmed the energy giant will “evaluate” its spending pledges – which includes 75 per cent in low carbon and renewable projects – and push for changes to the expanded Energy Profits Levy.

“We’re going to have to evaluate each project on a case-by-case basis. When you tax more you’re going to have less disposable income in your pocket, less to invest,” he told the CBI Conference in Birmingham yesterday.

His comments are the latest blow to the UK’s ambitions to ramp up investment in the North Sea to boost the country’s supply security and stave off blackouts this winter.

Harbour Energy said that it was “reviewing” the impact of the tax on its UK operations, and would pursue talks with ministers and officials.

It is understood that Shell has not yet jettisoned the £25bn commitment, but would look at investment on a case-by-case basis.

When approached for comment, a Shell spokesperson said the company recognised the burden “increased prices have across society” but argued taxes needed to be designed to boost investment as well as raise revenues to support people.

Shell is now calling for the inclusion of a price backstop to recognise the reality that wholesale prices move down as well as up, and an expanded capital allowance to include further decarbonisation investments such as CCUS, hydrogen production and wind generation

The Government ramped up the windfall tax following another round of bumper profits across the oil and gas sector in the third quarter of trading this year.

Earnings were fuelled by soaring oil and gas prices, with commodities booming this year following Russia’s invasion of Ukraine and a Kremlin-backed supply squeeze on Europe.

Last month, Shell reported third quarter profits of £8.1bn ($9.45bn) for the three-month trading window, with cash flow from operations clocking in at £10.76bn ($12.5bn).

Read more:
Shell weighs up £25bn UK spending pledge after Hunt toughens windfall tax

0
FacebookTwitterGoogle +Pinterest
previous post
Biden Tells Little Boy It’s Okay to Steal at ‘Friendsgiving’ Dinner with Service Members (VIDEO)
next post
Only one in seven Black Friday ‘bargains’ offers a genuine discount

You may also like

UK house prices rise for third consecutive month,...

October 7, 2024

The importance of data privacy in the age...

May 2, 2023

Sunak and Hunt to host 200 UK industry...

February 10, 2023

NatWest to close a further 43 UK bank...

October 13, 2022

City regulators crack down on bankers using private...

October 11, 2022

Deciphering the Polygraph: A Powerful Tool for Truth...

June 16, 2023

Farnborough Airshow explodes with £39.3bn in deals on...

July 22, 2024

Forty percent of female entrepreneurs report gender-based discrimination

April 17, 2024

Catering to the Modern Customer: The Impact of...

July 5, 2023

How to Choose the Right Fulfilment Company for...

November 2, 2023

UK house prices rise for third consecutive month,...

October 7, 2024

The importance of data privacy in the age...

May 2, 2023

Sunak and Hunt to host 200 UK industry...

February 10, 2023

NatWest to close a further 43 UK bank...

October 13, 2022

City regulators crack down on bankers using private...

October 11, 2022

Deciphering the Polygraph: A Powerful Tool for Truth...

June 16, 2023

Farnborough Airshow explodes with £39.3bn in deals on...

July 22, 2024

Forty percent of female entrepreneurs report gender-based discrimination

April 17, 2024

Catering to the Modern Customer: The Impact of...

July 5, 2023

How to Choose the Right Fulfilment Company for...

November 2, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • New York’s Right-to-Die Bill Affirms Bodily Autonomy

      June 10, 2025
    • Dems join clergy to pray for ‘moral reckoning’ to fix Big, Beautiful Bill: ‘I still know how to agitate’

      June 10, 2025
    • Reporter’s Notebook: How the House is technically done with the ‘big, beautiful bill’

      June 10, 2025
    • Is the S&P 500 Flashing a Bearish Divergence?

      June 10, 2025
    • GOP Bill Hikes Farm Subsidies

      June 10, 2025
    • Why business awards are more than just trophies — they’re catalysts for growth

      June 10, 2025

    Categories

    • Business (8,176)
    • Investing (2,027)
    • Politics (15,588)
    • Stocks (3,140)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved