Oil Giant Shell's 'Obscene' £9.8bn Profit
Oil giant Shell has come under further attacks after posting the biggest annual profits figure in UK corporate history.Soaring oil prices, which have hit motorists hard, lay behind annual profits of £9.8bn - equivalent to more than £1m an hour.The performance - described as "obscene" by one union leader - reopened the debate on whether UK firms should be subject to a windfall tax.

Shell's big rival BP is set to announce profits of £8.5bn.

But banking giant HSBC is expected to reclaim its crown as the UK's most profitable company when it unveils a figure of more than £9.9bn.

Tony Woodley, General Secretary of the Transport and General Workers Union, called the level of profits "more than excessive".

He said: "Such levels of excess are, quite frankly, obscene. With our pensions in crisis, these profits are 9.8 billion extra reasons for a windfall tax."

Martin O'Neill, Chair of the Commons Trade and Industry Select Committee, indicated a windfall tax on profits made in the UK should be considered.

He said Shell should be "encouraged" to invest more of the money in community and social responsibility projects.

He added Chancellor Gordon Brown may consider other sanctions if the firm resisted.

Graham Kerr, of energywatch, said the record figures were being achieved at the expense of UK households.


No wonder it's almost £5 a gallon.
psychocat Reviewed by psychocat on . £1 million an hour !!! Oil Giant Shell's 'Obscene' £9.8bn Profit Oil giant Shell has come under further attacks after posting the biggest annual profits figure in UK corporate history.Soaring oil prices, which have hit motorists hard, lay behind annual profits of £9.8bn - equivalent to more than £1m an hour.The performance - described as "obscene" by one union leader - reopened the debate on whether UK firms should be subject to a windfall tax. Shell's big rival BP is set to announce profits of £8.5bn. But Rating: 5