Company says it will look at levy’s impact after CEO previously stated no projects would be mothballed
Graham Watson's insight:
And here's the inevitable consequence of any windfall tax/profit levy; energy firms immediately announce a review of all investment, knowing full well that 70% of all investment is funded out of retained profit.
Review by Common Wealth reveals that UK pension funds hold tiny fraction of Shell and BP shares
Graham Watson's insight:
The Observer takes great delight in pricking the bubble that is the standard defence offered against a windfall tax on BP and Shell. Contrary to the view that a windfall tax would adversely affect returns on pensions, research by the Common Wealth think-tank has uncovered the fact that Britain's main pension funds own less than 0.2% of the companies.
It looks like this is a lazy defence of the oil giants - but I doubt whether it will make the slightest bit of difference to policymaking.
Firms defend paying no corporation tax after government handed out billions to energy giants
Graham Watson's insight:
Clever bit of journalism from the Observer, using the start of the COP26 summit to reveal that neither Shell nor BP have paid a single penny in corporation tax on this North Sea oil and gas activities in the last three years.
Indeed, not only has this happened but they've also been in receipt of billions of pounds of tax breaks, and paid out more than £44bn in dividends.
Of course, the truth of the matter is much more complex than this - not least because of the role that this company's play in the UK economy and the fact that they are also heavily invested in trying to find environmentally-friendly alternatives.
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The oil giant plans to slash around 15% of its workforce in response coronavirus crisis.
Graham Watson's insight:
It seems that there's trouble ahead for the oil industry, with the news that BP is looking to cut 15% of its workforce, meaning that up to 2,000 jobs in the UK are likely to go.
More bad economic news - it will be interesting to see which jobs are being lost.
You might also think about how to draw a microeconomic diagram to show the move from profit-making to loss-making, and be clear as to the short-run shutdown point for a firm, which would explain why BP continues to operate.
BO is laying off 15% of their employees will be laid off by the end of the year. The oil price plunged too far for them to make a profit. Bp are spending more than they are making. 30,000 jobs could be lost.
Analysis: Sunak hints Labour proposal ‘not off the table’ but criteria suggests very few firms would be penalised
Graham Watson's insight:
So how would a windfall tax work? This Guardian article investigates and offers a very basic outline of what might happen. The theory is that aside from the regular 19% corporation tax they pay, the oil companies would also be subject to an additional 10% tax.
The aim of the move would be to tax the combined £25bn profit of BP and Shell such that enough revenue is raised perhaps to fund discounts on home energy bills.
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And here's the inevitable consequence of any windfall tax/profit levy; energy firms immediately announce a review of all investment, knowing full well that 70% of all investment is funded out of retained profit.