This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-63084691

The article has changed 6 times. There is an RSS feed of changes available.

Version 0 Version 1
Shell boss says taxing energy firms to help the poor is 'inevitable' Shell boss says taxing energy firms to help the poor is 'inevitable'
(about 1 hour later)
Taxes on firms within the oil and gas industry are "inevitable" to help the poorest people, the outgoing boss of Shell has said.Taxes on firms within the oil and gas industry are "inevitable" to help the poorest people, the outgoing boss of Shell has said.
Households in the UK have been under pressure from rising energy bills as gas prices have soared.
Ben van Beurden said that energy markets cannot behave in a way that "damage a significant part of society".Ben van Beurden said that energy markets cannot behave in a way that "damage a significant part of society".
Households in the UK have been under pressure from rising energy bills as gas prices have soared.
The UK government under Liz Truss has pushed back against extending a windfall tax on oil and gas firms.The UK government under Liz Truss has pushed back against extending a windfall tax on oil and gas firms.
But the EU has agreed emergency measures to charge energy firms on record profits. Last week, the EU agreed emergency measures to charge energy firms on record profits.
Energy prices jumped when Russia invaded Ukraine earlier this year, although prices had already been rising as economies began to recover from Covid lockdowns. Energy prices jumped when Russia invaded Ukraine earlier this year, although prices had already been rising as economies began to recover after Covid lockdowns were lifted.
What is the windfall tax on oil and gas companies and how does it work?
EU agrees windfall tax on energy firms
Speaking to the Energy Intelligence Forum, an oil industry event, Mr van Beurden said: "You cannot have a market that behaves in such a way - logically and effectively and everything else - that it's going to damage a significant part of society."Speaking to the Energy Intelligence Forum, an oil industry event, Mr van Beurden said: "You cannot have a market that behaves in such a way - logically and effectively and everything else - that it's going to damage a significant part of society."
He said that "one way or another" there would be government intervention that "results in protecting the poorest".He said that "one way or another" there would be government intervention that "results in protecting the poorest".
"That probably means governments need to tax people in this room to pay for it - I think we just have to accept as a societal reality," he said. "That probably means governments need to tax people in this room to pay for it - I think we just have to accept [that] as a societal reality," he said.
Mr van Beurden added that taxes can be brought in "smartly and not so smartly".Mr van Beurden added that taxes can be brought in "smartly and not so smartly".
"There is a discussion to be had about it but I think it's inevitable," he added. "There is a discussion to be had about it but I think it's inevitable," he said.
However, governments should not intervene to cap gas prices, he added.
The UK brought in a windfall tax on bumper oil and gas profits in May, but Prime Minister Liz Truss has ruled out extending it.
The tax - called the Energy Profit Levy - applies to profits made by companies from extracting UK oil and gas, and the Treasury expects it to raise about £5bn in its first year.