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

Rolling coverage of today's economic and financial news

• Latest: UK manufacturers raise prices as raw materials surge
• BP underlying profits more than double to $6.2bn (5bn)
• BP announces $2.5bn share buyback ... and $25.5bn charge for exiting Russia
• Pressure to introduce windfall tax
• BP: We're backing Britain' with 18bn investment by 2030
• I can't see it getting any better': could the UK be heading for a recession?

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.