So why not a windfall tax?

THE next time you drive into a petrol station to fill up, reflect on this. Shell made £7.3 billion profit in the first three months of this year, as prices at the pumps continued to rise. But, oh dear, the company says pulling out of Russian oil and gas, because of the Ukraine war, has cost it a further £3bn. I can feel the pain.

BP and Totalenergies are also celebrating massive profits. But the Government still refuses to introduce a windfall tax. Is that because many shareholders who will now see nice payments into their bank accounts are Tory supporters? Possibly even Government ministers?

And this at a time when one of the main reasons behind soaring inflation is fuel prices. Andy Stenton, Glasgow.

I WAS, as usual, angered by the astonishing complacency of our Prime Minister when he again ruled out a windfall tax on excess profits from the likes of BP and Shell. His argument seems to be that such a tax would stifle investment in these companies, but I’m afraid I just don’t see the logic.

The profits in question are unexpected and nothing to do with efficiently-run business so presumably the level of investment currently enjoyed and future prospects of normal profits and thus future investment had already been factored in before these massive increases.

The bonuses being enjoyed by senior management for doing absolutely nothing are no doubt going to be eye-watering.

I live in hope of sanity prevailing but expect disappointment.

Forbes Dunlop, Glasgow.