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

Drop in bank lending adds to fears that...

October 30, 2023

Amazon to require self-publishers to declare if content...

September 12, 2023

Chocolate Cravings and Bargain Hunts Drive Down UK...

April 23, 2024

Lloyd’s of London to give staff a £2,500...

September 8, 2022

Landmark Court of Appeal Ruling Promises £21bn Payout...

October 25, 2024

Nvidia Overtakes Microsoft and Apple to Become World’s...

June 19, 2024

ESG marketplace Tesel raises £320,000 to help companies...

May 4, 2023

ChatGPT inventor set to receive $10bn as OpenAI...

September 27, 2024

Virgin hails green light to challenge Eurostar as...

April 1, 2025

UK car production slumps to lowest November level...

December 20, 2024

    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

    • House panel directs chairman to subpoena Bill and Hillary Clinton in Epstein probe

      July 23, 2025
    • Is META Breaking Out or Breaking Down?

      July 23, 2025
    • Fifteen Years of Dodd-Frank: A Legacy of Missed Targets and Regulatory Overreach

      July 23, 2025
    • Money on Demand: Where Skrill Makes a Difference in Everyday Life

      July 23, 2025
    • Supreme Court says Trump can proceed with firing Democrat-appointed CPSC members

      July 23, 2025
    • New Russiagate evidence ‘directly’ points to Obama, DOJ will decide ‘criminal implications’: Gabbard

      July 23, 2025

    Categories

    • Business (8,553)
    • Investing (2,143)
    • Politics (16,173)
    • Stocks (3,225)
    • 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