Tag Archives: oil revenues

27 October 2022 – today’s press releases

  • Shell profits: Lack of proper windfall tax an insult to families struggling to pay bills
  • Suella Braverman: Sunak must correct record if he misled Parliament
  • Shell rebate shows government’s windfall tax is failing
  • COP27: Rishi Sunak must not turn his back on progress

Shell profits: Lack of proper windfall tax an insult to families struggling to pay bills

Responding to Shell announcing £8.2bn ($9.5bn) in the third quarter, around double last year’s, Liberal Democrat Leader Ed Davey said:

The Conservative government’s refusal to properly tax these eye-watering profits is an insult to families struggling to pay their energy bills.

Even the CEO of Shell has admitted that oil and gas companies should be taxed more to help protect vulnerable households.

It’s time Rishi Sunak introduced a proper windfall tax and used the extra money to support people facing heart-breaking choices this winter.

Innocent families and pensioners should not be left to pick up the bill for this Conservative government wrecking the economy.

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65,000 job losses doesn’t constitute an employment crisis, according to SNP MSP

One of the weirdest things about Scotland at the moment is that there is no great sense of an asteroid, let alone a bullet, being dodged. The SNP’s predictions about oil prices, based on them being around $113 a barrel, have been shown to be well wide of the mark. They said we’d have this massive oil boom. That’s before some of their more excitable supporters started going on about secret oil fields whose existence was being kept from us by a malevolent Westminster establishment.

Nobody really appreciates how lucky we are. Scots could be facing independence, which the SNP had said would happen on 24th March this year, that’s in less than 10 weeks’ time,  with the price of oil barely above a third of their estimates. It wouldn’t be much freedom for people who desperately needed public services. There would have to be either massive cuts or massive tax rises to cope with that massive hole in the public finances.

The plummeting oil price had, according to Oil and Gas UK, cost 65,000 jobs as far back as last September. It’s had a devastating effect on the economy of North East Scotland. Aberdeenshire West MSP Dennis Robertson doesn’t seem to think so, though. He said that there was no jobs crisis in the North East.

From the Official Report:

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Willie Rennie on Newsnight Scotland: You have to be cautious when you predict oil revenues

There’s been a bit of a stooshie over future North Sea oil revenues in the last week or so. First, as the BBC tells us, a leaked draft of a Scottish Government report said that volatility in projecting revenues created uncertainty and could lead to spending cuts. Now, Alex Salmond tells us that it’ll all be fine and there’ll be a great big oil boom just as Scotland becomes independent. The SNP projections for the first year of independence are pretty much double what the OBR predicts.

Scottish Liberal Democrat leader Willie Rennie went on Newsnight Scotland on Monday night …

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