BP accused of ‘unfettered profiteering’ as profits triple; company failures surge – business live

Unions criticise oil giant who recorded second-highest profits in its history after Ukraine war drove up energy prices

BP has reported eye-watering profits' at a time when the public are very worried about their energy bills jumping in the autumn, says Rachel Reeves MP, Labour's Shadow Chancellor.

People are worried sick about energy prices rising again in the autumn, but yet again we see eye-watering profits for oil and gas producers.

Labour argued for months for a windfall tax on these companies to help bring bills down, but when the Tories finally u-turned they decided to hand billions of pounds back to producers in tax breaks. That is totally wrong.

Our people have continued to work hard throughout the quarter helping to solve the energy trilemma - secure, affordable and lower carbon energy.

We do this by providing the oil and gas the world needs today - while at the same time, investing to accelerate the energy transition.