the debate about how much tax oil giants like shell should pay. shell says it s expecteing to pay an additional 2.3 billion dollars in tax on its 2022 earnings, that s because of the eu s windfall tax, and the uk s energy profits levy imposed last year. remember, the idea behind this is to target firms which benefit from something they were not responsible for in other words, a windfall. but some say this doesn t go far enough. we believe that when companies are making record profits and families can t heat their homes, we should close those loopholes. they ll still make profits, but we should close the investment allowance loophole that allows them to get tax breaks for investing in fossilfuels. we should backdate the windfall tax to when the government ought to have done it, not when they actually did it. and by doing so, we could get real help to families who are struggling now. but some argue taxation isn t the answer this is the perspective of andy brown a former oil execu
changed, if you are? so how are you suggesting that that be changed, if you are? changed, if you are? so look, the windfall taxes changed, if you are? so look, the windfall taxes that changed, if you are? so look, the windfall taxes that have - changed, if you are? so look, the windfall taxes that have been - windfall taxes that have been imposed in some parts of the world but actually, a few countries may seem like a high rate on the surface but they are massively undercut by tax breaks and by other subsidies that governments give to oil and gas companies. so the uk is long been one of the most generous places in the world for oil and gas companies. the windfall tax we have in place here is not a permanent one. it is only set to continue for a few years and we are actually calling for the uk government to match the approach that the norwegians have taken. they have imposed a total permanent tax on oil and tax industry, 78%. if that was done if uk estimates suggest that that would
we start here in the uk, where the bank of england has raised interest rates to their highest level for m years. the increase will leave millions of households facing higher mortgage payments at a time when many people are already struggling with crippling energy and food bills. the bank has raised rates by half a percentage point, to 4%. the aim to make it more expensive to borrow and spend so businesses and households rein in, meaning less upward pressure on prices. uk inflation eased slightly in december but was still at 10.5%, close to the highest level in a0 years and more than five times the bank of england s target. the bank governor said inflation had turned the corner, but the battle against surging prices wasn t over yet. we have done a lot on rates already. the full effect of that is still to come through. but it is too soon to
liquefied natural gas business and that has driven the profit, but the irony is that only a few years ago many people were writing off the old oil company saying the old investor is over but we are seeing today record prices driven by record profits driven by high prices because of the crisis. alice harrison is the fossil fuels campaign leader at campaign organisation global witness. i suppose first your reaction to some of these figures. figs i suppose first your reaction to some of these figures.- i suppose first your reaction to some of these figures. as he said shell made some of these figures. as he said shell made over some of these figures. as he said shell made over £32 some of these figures. as he said shell made over £32 billion - some of these figures. as he said shell made over £32 billion profit| shell made over £32 billion profit last year and i think it is important to put that into context. that is over £1000 a second. that would be enough to pay the an
the uk officially left the european union three years ago today, though it did of course remain in the single market until the end of 2020. so what impact has brexit had on trade, investment and jobs in the uk? and what does the future look like? hers s our trade correspondent, dharshini david. stripping out the impact of the pandemic and the energy crisis isn t easy but we ve poured over the data from the latest official sources and analysis from academics so let s take a look at trade and investment and jobs. look at trade and investment andjobs. first look at trade and investment and jobs. first of all, trade, because brexit meant extra paperwork and checks for some goods crossing borders since 2021 and there was an initial depth in the amount exported to the eu according to the official statistics, that has recovered as teething problems were resolved. and the same as broadly true of imports from the block although the checks and paperwork may have added to some prices. but the var