Responding to BP’s huge profit announcement today, Friends of the Earth energy campaigner, Sana Yusuf, said:

“With the economy sinking, energy bills soaring and the climate crisis deepening, Rishi Sunak must surely act on the excessive profits that fossil fuel firms like BP are raking in.

“The case for a bigger, bolder windfall tax is now over-whelming. This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.

“Some of the billions of pounds raised should be used to pay for a street-by-street, home insulation programme to cut energy bills and reduce emissions. As well as providing long-term financial relief to households – especially those most in need – this would boost energy security, cut our gas reliance and help the UK meet legally binding climate targets.”