French tax

Shell profits soar to £7.3bn as calls for windfall tax grow amid energy crisis

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Despite hints from Chancellor Rishi Sunak that a windfall tax might be on the horizon, the government continued to resist calls, saying it would discourage investment.

BP itself, however, said a windfall tax would not deter the company from investing in Britain.

The government has come under increasing pressure in recent weeks due to the cost of living crisis, with millions struggling to survive as prices of daily consumer goods and bills have risen.

The rise in energy costs was particularly dramatic due to the removal of the energy price cap in early April. Energy bosses warned last month that millions of people would face a “truly awful” situation in October when bills are set to rise again.

MP Ed Miliband said it was “shameful” the government had not introduced a windfall tax.

“Another day, another oil and gas company making billions in profits, and yet another day when the government shamefully refuses to act with a windfall tax to drive down bills,” he said.

“Even the boss of BP has said it won’t impact investment. The Tories have run out of excuses and have been exposed for the policy choice they are making in not acting.

“The truth is that the government’s priority is to protect the oil and gas giants, not to support the British people.”