Ten Things You Need to Know Today: 3 February 2023

The Week’s daily digest of the news agenda, published at 8am

1. Shell’s £32bn profits problem

Pressure is growing on the government to impose a bigger windfall tax on energy companies after Shell reported the largest profits in its history. Thanks to the surge in energy prices caused by Russia’s invasion of Ukraine, the oil company’s annual takings have risen to $40bn (£32bn). The vast profits — “equivalent to just over £1,000 a second,” said the London Evening Standard — were among the biggest ever made by a British company. Opposition parties accused Rishi Sunak of letting fossil fuel companies “off the hook” and unions described the profits as “obscene”. The UK-headquartered company paid $134m in British windfall taxes last year.

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