Oil and gas industry defends North Sea spending levels as Kwarteng urges more

Business secretary calls for increased investment by energy producers to avoid being hit with tax on soaring profits

The oil and gas industry has defended the amount it invests in the North Sea, ahead of a storm over bumper profits as households face rocketing energy bills.

The energy companies BP and Shell are expected to report soaring profits next week as a result of sky-high energy prices, fuelling fresh calls for a windfall tax to help hard-pressed households struggling with record bills for heating and power.