UK factories raise prices at record pace; windfall tax calls grows as BP earnings swell – business live

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Today’s results mark “a tricky moment” for BP, as calls rising for a windfall tax on oil and gas firms to ease the cost-of-living crisis, says Mark Crouch, analyst at social investing network eToro:

While calls for such a tax have seemed unlikely to be implemented, Rishi Sunak appears to be wavering, having told Mumsnet that unless oil and gas firms invest their profits in the UK’s energy security, he could consider such a move.

“This is of course a long way from actual policy action, but the challenge is clear that the firm needs to be seen to invest its increased take. Anything less could heighten the jeopardy it faces from a hot-blooded political environment.”

BP expects an ongoing elevated risk of oil price volatility.

This reflects uncertainties around the level of disruption to Russian supply, the capacity for increased OPEC+ supply, the ongoing impact of COVID-19 on demand and the impact of the conflict in Ukraine on economic growth.

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Source: theguardian
UK factories raise prices at record pace; windfall tax calls grows as BP earnings swell – business live