Boris Johnson rules out windfall tax despite BP reporting pre-tax profits of £5billion

BORIS Johnson last night ruled out a windfall tax again – despite BP reporting vast pre-tax profits of £5billion yesterday.

The PM insisted it would put jobs at risk and hurt investment at the oil and gas giant – even though BP said it would plough money into the UK regardless.

The comments put the PM at odds with Rishi Sunak, who last week suggested he could back the idea of a windfall charge if firms did not plough more cash into Britain.

Labour have repeatedly called for companies to be taxed on their extra profits – with the cash pumped back in to help lower bills.

But Mr Johnson said: “If you put a windfall tax on the energy companies, what that means is that you discourage them from making the investments that we want to see that will, in the end, keep energy prices lower for everybody.”

Yesterday BP reported £5billion in pre-tax profits for the first quarter of the year alone – more than double for the same period last year.

Its CEO Bernard Looney said it would plug billions of pounds of cash into the UK and would be “backing Britain” no matter what – even if there were a windfall tax.

Read More on Cost of Living Crisis

RED WAIL

Partygate was a disgrace but cost of living hell will decide PM's fate, say voters

ease the squeeze

Boris hints at MORE cash for Brits to help ease cost of living crisis