Tax energy firms, urges Shell chief

GOVERNMENTS should tax energy companies to help the poorest people deal with soaring bills, the chief executive of Shell has said.

Speaking at an energy conference in London, Ben van Beurden said: “One way or another there needs to be government intervention.

“Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.”

Shell reported record profits of $11.5bn (£9.5bn) in the second quarter.

The FTSE 100 group said it would pay out £6.5bn to shareholders and handed an 8pc bonus to all staff as it shared the spoils. Mr Van Beurden’s pay package reached £6m in 2021 and could rise further this year following the record profits.

The huge returns have fuelled calls for a windfall tax on energy companies that have cashed in on the crisis.

Shadow chancellor Rachel Reeves has said Labour would extend the levy to power generators, while leader Sir Keir Starmer has pledged to launch a nationalised energy company.

In a note yesterday, Citi warned UK power generators were at risk of a U-turn by Prime Minister Liz Truss on the issue of a windfall tax.