{"id":858680,"date":"2022-10-28T11:45:40","date_gmt":"2022-10-28T11:45:40","guid":{"rendered":"https:\/\/www.thecanary.co\/?p=1628012"},"modified":"2022-10-28T11:45:40","modified_gmt":"2022-10-28T11:45:40","slug":"shell-made-8-2-billion-profit-in-the-last-quarter-and-still-got-a-uk-tax-rebate","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2022\/10\/28\/shell-made-8-2-billion-profit-in-the-last-quarter-and-still-got-a-uk-tax-rebate\/","title":{"rendered":"Shell made \u00a38.2 billion profit in the last quarter and still got a UK tax rebate"},"content":{"rendered":"<div data-beyondwords-player=\"true\" contenteditable=\"false\"><\/div><p>Energy giant Shell made \u00a38.2bn in <a href=\"https:\/\/twitter.com\/NEON_UK\/status\/1585636283380281350\"  rel=\"noopener\">the last quarter<\/a> despite the ongoing energy crisis. <a href=\"https:\/\/twitter.com\/emilygosden\/status\/1585559159830941696?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1585559159830941696%7Ctwgr%5E564e315e3ed577c29f6eb6a39a5b75c2b13a6919%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.thecanary.co%2Fwp-admin%2Fpost.php%3Fpost%3D1628012action%3Deditclassic-editor\">Initial reports<\/a> from <em>The Times<\/em> indicated that they hadn&#8217;t paid any tax at all on this massive profit margin.<\/p>\n<p>But, it&#8217;s even worse than that. It turns out Shell actually received a tax rebate from the UK government for the firm&#8217;s North Sea operations:<\/p>\n<p><span class=\"3umoOvs9XfSthL6DGRdrp7PBJIVjn5Ca8KwibkQgTAZY1MlNzxEFcW40qyeUH\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Shell tells me it&#39;s actually received a tax rebate from the UK government for its North Sea operations so far this year <img src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/72x72\/1f440.png\" alt=\"\ud83d\udc40\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" \/><\/p>\n<p>(Shell&#39;s global profits so far this year: $30 billion) <a href=\"https:\/\/t.co\/0NzySflvZA\">https:\/\/t.co\/0NzySflvZA<\/a><\/p>\n<p>&mdash; Emily Gosden (@emilygosden) <a href=\"https:\/\/twitter.com\/emilygosden\/status\/1585640487658356738?ref_src=twsrc%5Etfw\">October 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/span><\/p>\n<p>As the tweet shows, Shell&#8217;s global profits were $30 billion this <em>year<\/em>. None of which has any direct bearing on you, because neither you nor your chilly grandma will see any of it.<\/p>\n<h2>Windfall tax?<\/h2>\n<p>Experts have suggested it might be time to enforce a windfall tax. Do you think? The New Economy Organisers Network tweeted that government excuses for letting global mega-corporations off the hook weren&#8217;t adding up:<\/p>\n<p><span class=\"Po5UAflXFkZ4SwieOvBsWycp7rHjRgaT8dC3YMhm6bxJQn\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Shell have doubled their profits in just 3 months to \u00a38.2 billion. The government is saying it has to make difficult choices, but here&#39;s a really easy option to help out families who are struggling this winter &#8211; a windfall tax on windfall profits.<a href=\"https:\/\/twitter.com\/tessakhan?ref_src=twsrc%5Etfw\">@tessakhan<\/a> of <a href=\"https:\/\/twitter.com\/ThisWinterUK?ref_src=twsrc%5Etfw\">@ThisWinterUK<\/a> <a href=\"https:\/\/t.co\/xdqjDjtPhA\">pic.twitter.com\/xdqjDjtPhA<\/a><\/p>\n<p>&mdash; New Economy Organisers Network (@NEON_UK) <a href=\"https:\/\/twitter.com\/NEON_UK\/status\/1585636283380281350?ref_src=twsrc%5Etfw\">October 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/span><\/p>\n<p>Tessa Khan of the campaign group <a href=\"https:\/\/www.warmthiswinter.org.uk\/\">Warm This Winter<\/a> told <em>Talk TV<\/em> that energy companies were benefitting without doing any work:<\/p>\n<blockquote><p>These are really classically windfall profits, or excess profits as they have been described.<\/p><\/blockquote>\n<p>She added that even despite the government price cap:<\/p>\n<blockquote><p>Seven million households are still going to be in fuel poverty this winter.<\/p><\/blockquote>\n<h2>Astonishing profits<\/h2>\n<p>Shell&#8217;s outrageous profits were analysed by commenters like trade unionist Howard Beckett, who marvelled at the hourly profit rates:<\/p>\n<p><span class=\"d37tEZ98LDcifk0YzQJuwMTreO1v2U\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">UK Shell Oil have just this minute announced a further doubling of their profits.<\/p>\n<p>\u00a38bn profits in just 13 weeks. A profit rate of \u00a33.6 million every hour.<\/p>\n<p>We are being ripped off.<\/p>\n<p>&mdash; Howard Beckett (@BeckettUnite) <a href=\"https:\/\/twitter.com\/BeckettUnite\/status\/1585521372536643590?ref_src=twsrc%5Etfw\">October 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/span><\/p>\n<p>One social media user quipped that it was good to see Shell&#8217;s struggling shareholders finally get a pay rise:<\/p>\n<p><span class=\"8BGRrXy6pkVH4WLPtJMU0QnF5c7bvlSAu3idfOYEaqwxjDm9NKghZ1z\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Some good news at last today. Shell Oil has made \u00a38bn in profits on top of the \u00a328bn it made a few months ago. It&#39;s about time those struggling share holders had a decent pay rise. \u00a31000 per second in profits will keep the wolf from the door. <a href=\"https:\/\/t.co\/Wl7DAXirWy\">pic.twitter.com\/Wl7DAXirWy<\/a><\/p>\n<p>&mdash; Jim Gardner <img src=\"https:\/\/s.w.org\/images\/core\/emoji\/13.0.1\/72x72\/1f1fa-1f1e6.png\" alt=\"\ud83c\uddfa\ud83c\udde6\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" \/> (@Jim_Gardner_) <a href=\"https:\/\/twitter.com\/Jim_Gardner_\/status\/1585688453924229120?ref_src=twsrc%5Etfw\">October 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/span><\/p>\n<h2>Tax them now!<\/h2>\n<p>Shell and the rest of the energy giants are clearly getting mate&#8217;s rates from governments &#8211; including our own. They&#8217;ve done nothing to deserve what are effectively doubled profits. And even when they do pay a bit of tax, they get a rebate from the British state. That&#8217;s the same British state which could intervene and set fair energy prices, but has chosen not to despite the implications for people who can&#8217;t afford to heat their homes.<\/p>\n<p>Even a modest windfall tax could help millions of households through the winter if it was enforced properly &#8211; but, of course, that must be the first step in a move away from fossil fuels altogether.<\/p>\n<p><em>Featured image via <a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Shell_Pernis_refinery_2019_5.jpg\">Wikimedia Commons\/Steven Lek, cropped to 770 x 403, licenced under CC BY-SA 4.0<\/a>.<\/em><\/p>\n<p>By <a rel=\"nofollow\" href=\"https:\/\/www.thecanary.co\/author\/joeglenton\/\">Joe Glenton<\/a><\/p>\n\n<p class=\"syndicated-attribution\">This post was originally published on <a href=\"https:\/\/www.thecanary.co\/trending\/2022\/10\/28\/shell-made-8-2-billion-profit-in-the-last-quarter-and-still-got-a-uk-tax-rebate\/\">Canary<\/a>. <\/p>","protected":false},"excerpt":{"rendered":"<p>Energy giant Shell made \u00a38.2bn in the last quarter despite the ongoing energy crisis. Initial reports from The Times indicated that they hadn\u2019t paid \u2026 <\/p>\n<div class=\"read-more-wrap\"><a href=\"https:\/\/www.thecanary.co\/trending\/2022\/10\/28\/shell-made-8-2-billion-profit-in-the-last-quarter-and-still-got-a-uk-tax-rebate\/\" class=\"more-link\">Read more<\/a><\/div>\n<p>By <a rel=\"nofollow\" href=\"https:\/\/www.thecanary.co\/author\/joeglenton\/\">Joe Glenton<\/a><\/p>\n","protected":false},"author":1547,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5605,267,3290,11276,5594,1395,49448],"tags":[],"_links":{"self":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/858680"}],"collection":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/users\/1547"}],"replies":[{"embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/comments?post=858680"}],"version-history":[{"count":93,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/858680\/revisions"}],"predecessor-version":[{"id":873499,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/posts\/858680\/revisions\/873499"}],"wp:attachment":[{"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/media?parent=858680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/categories?post=858680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/radiofree.asia\/wp-json\/wp\/v2\/tags?post=858680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}