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BP Expects To Pay Up To 1 Bn Pounds In UK Taxes In 2022
Energy prices in Britain have hit record highs this year leading to repeated calls from the opposition Labour Party for a windfall tax on producers of North Sea oil and gas to help pay for support for people struggling with energy bills
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BP expects to pay up to 1 billion pounds ($1.25 billion)in taxes in Britain on its 2022 profits, it said on Tuesday reporting its highest profit in over a decade.
It plans to invest up to 18 billion pounds in Britain until 2030 on producing oil and gas, wind power, electric car charging and other projects, it added.
Energy prices in Britain have hit record highs this year leading to repeated calls from the opposition Labour Party for a windfall tax on producers of North Sea oil and gas to help pay for support for people struggling with energy bills.
Trade Minister Anne-Marie Trevelyan, from Britain's ruling Conservative party, told the BBC on Tuesday a windfall tax would not be right, saying it would "strip away profits which will be reinvested."
"BP can lead the way in demonstrating how that investment will ensure security of supply for us," she said.
(Reuters)