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  • I can only think that they genuinely believe the oil majors' guff about needing the profits to invest in energy transition

    Is this a thing? I thought both BP and Shell said that windfall tax probably wouldn't affect their investment plans....or did I imagine that?

  • Actually now you say that that does ring a bell.

    Although saying/believing/doing are not necessarily the same thing of course.

  • Actually now you say that that does ring a bell

    Shell just made an announcement saying they will not be paying any windfall tax this year because the monetary value of their North Sea investment offsets any tax that was due despite doubling their profits.

    From memory, I think the Tories made the new tax so that investment money counts as double when offsetting with profits.

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