Eastwood: BP's bumper profits slap in the face for struggling families

colum eastwood cost of living Energy bills

Social Democratic and Labour Party Leader Colum Eastwood MP has said news that BP has recorded huge profits is a slap in the face to families struggling as a result of the cost of living crisis.

The firm has recorded profits of $8.45bn (£6.9bn) - more than triple the amount it made last year and the second highest in the firm's history.

Mr Eastwood is seeking an urgent meeting with the British government to discuss their windfall tax plans and what more can be done to protect families from energy price rises.

Foyle MP Mr Eastwood said:

"Families across the North are rightly incredulous that BP's profits have hit £6.9bn at their expense while many people are struggling to make ends meet, with minimal support forthcoming from the British government while Stormont fails to function.

“The British government promised a windfall tax on oil and gas firms by implementing an extra 25% in tax on profits to help households, but because the Tories are totally distracted by their own in-fighting and the race to the bottom to elect a new Prime Minister, progress has stalled. Their inaction ensures that corporations can continue to profit from the hardship being experienced by many in communities across these islands.

"I have written to the British government to request an urgent meeting for an update on their windfall tax plans. We can't underestimate the severe pressure that people are under and cannot allow a situation where families are rationing their heating heading into the autumn, while CEOs and shareholders enjoy huge bonuses and dividends. The British government should be more concerned with protecting people from this crisis than looking after their mates' businesses interests."

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