Which was more perfectly captured as a dysfunctional arrangement, so i think it is right that more of those profits should be captured and brought back for the public goods and the shooting to help people in the short term, particularly in terms of the cost of living crisis, but also in terms of trying to re pivot our energy system towards more cleaner energy, a fairer system, greater energy efficiency. do you see any difference between shell and bp, for example? do you see any difference between shelland bp, for example? bp do you see any difference between shell and bp, for example? bp saying £23 billion in profits, it s going to spend 6.6 billion of the an energy transition, up to 2030, the same amount still in oil and gas. do you see any differences between the approach of bp and shell? approach of bp and shell? probably not, approach of bp and shell? probably not. there s approach of bp and shell? probably not, there s too approach of bp and shell? probably not, there s too
How much more we are paying seems to many people unfair. huge caveats within that, she heard from your guests there, these are global profits, not all of that money is taxable in the uk. 0n profits, not all of that money is taxable in the uk. on top of that, big energy firms need to make money, they need to reinvest and be profitable for pension schemes, for example, and in orderto profitable for pension schemes, for example, and in order to invest in green energy. but still questions around fairness labour this morning, saying the system of a windfall tax, an extra levy that the government is imposing on energy companies for this unprotected extraordinary profit they re making, they say the system is not working, that more should be generated from that revenue should bp estimate for 2022, 670 8 million or so will be put towards the windfall tax, but that makes up less than 3% of their overall global profits and shell last week announced their biggest profits in an hundred and 15 year
Renewables. tiny fraction of their money on renewables. ., ., , : , ., renewables. bp, of that £23 billion, it is spending renewables. bp, of that £23 billion, it is spending 6.6 renewables. bp, of that £23 billion, it is spending 6.6 billion renewables. bp, of that £23 billion, it is spending 6.6 billion in - renewables. bp, of that £23 billion, it is spending 6.6 billion in energy l it is spending 6.6 billion in energy transition, which is the same amount as it is spending on oil and gas up to 2030. , ., . ., , :, to 2030. the future pro ections are one thin , to 2030. the future pro ections are one thing, these h to 2030. the future projections are one thing, these companies - to 2030. the future projections are one thing, these companies always make very grandiose pledges about renewables in the future, but what you need to look at is what they spent last year, so judging from this morning s report, it looks like bp has invested a maximum of 1.8% on last year s profit
On that, they paid uk tax of £2.2 billion, which includes £700 million in new windfall taxes introduced by rishi sunak when he was chancellor. many say that is not nearly enough. they should be paying more, because it s not about, in absolute terms, what they are paying, because it will sound like a big number because they are making massive profits but what matters is whether they are paying their fair share and that is something you judge by how much they are being taxed in other countries, and the uk, even with a windfall tax taxes oil and gas companies like bp thatis taxes oil and gas companies like bp that is a rate below the average tax rate. but remember, not all of bp s profits are taxable in the uk. 0nly10% of their revenue comes from the uk. any uk profits are already currently taxed at 65%, but companies can perfectly legally offset uk investment against those profits, so even if you made that 100%, it could neverfill the hole in the public finances
And that it is working closely with relevant authorities and the police to establish the full facts. the regulator is also carrying out an inspection. alison holt, bbc news. the energy giant bp has reported another huge increase in profits. it made over £7 billion betweenjuly and september more than double its earnings during the same period last year. the government is facing growing calls to expand the windfall tax on energy firms. our business editor simonjack is here with more. when customers pain is some companies gain, it understandably grabs attention and prompts financial and political questions. as oil and gas prices have soared, the profits of those that sell it have done the same. bp announced profits of £7.1 billion for the three months to the end of september alone. so far this year they have made profits of £19.9 billion.