Shell urges stable policy regime for investment

Shell has “a very strong commitment to investing in the UK, because we see the policies in the UK being very supportive for the sort of investments we would like to make”, said Ben van Beurden, its chief executive
Shell has “a very strong commitment to investing in the UK, because we see the policies in the UK being very supportive for the sort of investments we would like to make”, said Ben van Beurden, its chief executive
DANIELLA BECCARIA/ASSOCIATED PRESS

Shell has appealed for policy “stability” to support its proposed investments of up to £25 billion in Britain this decade, but has admitted that a windfall tax would not necessarily halt its plans.

The oil major acknowledged that consumers were facing “a lot of pain” from the soaring energy prices that had helped it to achieve its highest quarterly profit of $9.1 billion in the first three months of the year. It said a windfall tax was “a matter for government”, as opposition parties renewed calls for such a levy to be imposed on giant oil companies to fund help for consumers struggling with soaring bills.

The government has ruled out a windfall tax on the ground that it would deter investment in energy. However,