Energy giants to hand shareholders £10bn – equivalent of £363 per UK household – as cost of living crisis spirals

SHELL and BP shareholders are set to receive a mega £10 billion payout – the equivalent of £363 per UK household.

The eye watering payment comes as experts warn the energy price cap could soar to over £3,300 in October, a whopping £350 rise per household over the last three months of the year. 

And in April next year bills could reach more than £4,400, according to analysis by Cornwall Insights.

Hitting out at fat cat energy bosses, Shadow Chancellor Rachel Reeves told Trending In The News: “The country is in the grip of a catastrophic energy crisis and the Conservatives are giving handouts to the oil and gas giants, who are throwing money at their shareholders.

“This is a scandalous failure of the government.”

Labour has called on the government to use a meeting with oil and gas giants this morning to shut a major loophole in the energy windfall tax.

An allowance in the levy means that for every £1 invested, 91.25p will go back to companies in additional tax relief. 

Ms Reeves added: “The government should be ashamed this loophole existed in the first place. 

“This isn’t right at a time when people are worried sick about how they’ll pay their bills.”  

Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng  will ask energy bosses today to submit a breakdown of their expected profits and payouts, as well as their investment plans for the next three years.

A Shell spokesperson said: “We understand the worry for millions of people about how high energy costs are challenging their household budgets – and the need for support to help make ends meet, and we will work with the government on potential solutions.

“Shell is using its financial strength to invest in secure energy supplies that the world needs.”