Press release

BP profits – Government should close windfall loophole and invest in retrofit


Posted By:

Fiona Duggan

Policy Lead

BP Oil logo

Fiona Duggan, Policy Lead at Ashden, commenting on the announcement today that BP made $27.7bn (£23bn) in underlying replacement cost profit for 2022 saying:

“Today BP announced enormous profits, which are particularly shocking at a time where UK families are struggling due to sky-high oil and gas prices. The government has a duty to close the loophole in the windfall tax, and use that money to reduce the cost of living crisis. They can do this by investing in a national retrofit programme. Supporting retrofitting is the clear choice – it will rapidly change cold, damp, homes with high energy bills into cosy, insulated, cheaper-to-run homes. Not only that it will also create new jobs in every corner of the country and support the government’s net-zero and levelling-up targets.”

Ashden is part of the Warm this Winter campaign which is a coalition of over 40 of the UK’s leading charities demanding the government acts now to help people struggling with energy bills this winter, and to ensure UK citizens all have access to affordable energy in the future.

On a yellow background, text reads "We demand: Emergency support now, help to upgrade homes, access to cheaper energy, and free us from expensive gas. Warm this winter campaign.

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