Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News.
David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from 25% to 35% in last week’s autumn statement.
The measure takes the total tax paid on oil and gas profits to 75%, though fossil fuel companies are able to claim relief against investments.
Shell announced a £25bn programme of investment five months ago but Mr Bunch said the government’s move, intended to help fund energy support and balance the national balance sheet, meant it would be re-examined.
“We outlined an investment package five months ago of £25bn, and the one thing I said was we really need a stable fiscal environment to make sure we can get that investment out of the door,” he said. “Since then we have had three budgets, a couple of prime ministers, so it’s welcome to see some stability.
“But we are going to have to look at each of those projects on a case-by-case basis and re-evaluate them, based on the current fiscal outlook, and that will determine whether or not we invest to the amount we previously discussed.”
Mr Bunch called on the government to set out how the windfall tax might be withdrawn if and when prices return closer to historical norms.
“As the UK’s biggest company we need to do our part. We understand the need that is out there, and I think we understand the nature of the windfall tax.
“However, the current design of the windfall tax does not have an off switch. It doesn’t have a price point at which that windfall tax turns off. That is something we would like to talk to the government about.
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“We are still incredibly committed to the UK, it’s a great market, we’re the biggest company, we put out a great investment programme, I’d really like together with what we heard today from Rishi to help create that environment so we can help build a sustainable energy future, but doing that is going to need a few different levers.”
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6:09
Windfall tax on oil giants’ profits
Oil and gas companies have benefitted from elevated prices driven by demand and latterly the war in Ukraine, and were hit by the first iteration of the windfall tax at 25% in March by then-chancellor Rishi Sunak.
The company sparked calls for a review last month when it revealed its UK arm had paid zero windfall tax despite recording global profits of £26bn because of relief covering drilling projects in the North Sea.
Mr Bunch also revealed that Shell will not be accepting any energy support from the government for any of its businesses despite the current scheme, which ends in April, being available to companies of any size.
“We won’t accept any business energy support from the government, I don’t think anyone would expect us to but that’s clearly the right thing to do, and I think that support has to be very much targeted to those who really need it, both business and consumers.”
The train crew member who was seriously injured while trying to protect passengers during a mass stabbing has been discharged from hospital.
Samir Zitouni, 48, known as Sam, was working on board the London North Eastern Railway (LNER) train from Doncaster to London when the attack began in Cambridgeshire on Saturday 1 November.
Mr Zitouni had been in a critical condition, having suffered multiple injuries in the incident, but was discharged on Saturday.
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6:54
Mahmood praises rail worker
His family said: “We are so grateful for the outpouring of support from the public, and very touched by all the kind words about Sam’s brave actions on the night of the attack.
“While we are really happy to have him home, he still has a significant recovery ahead and we would now like to be left in privacy to care for him as a family.”
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1:39
Train mass stabbing: A timeline of events
David Horne, managing director at LNER, said: “In a moment of crisis, Sam did not hesitate as he stepped forward to protect those around him.
“His actions were incredibly brave, and we are so proud of him, and of all our colleagues who acted with such courage that evening. Our thoughts and prayers remain with Sam and his family. We will continue to support them and wish him a full and speedy recovery.”
The attack is understood to have started shortly after the train left Peterborough, with passengers pulling the emergency alarms on the LNER service.
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0:40
Police believe train attacker filmed waving knife
Train driver Andrew Johnson, who served in the Royal Navy for 17 years, contacted a signaller and requested an unscheduled stop at Huntingdon station.
11 people were treated in hospital after the mass stabbing – nine were initially reported as having life-threatening injuries.
Anthony Williams, 32, was remanded into custody at Peterborough Magistrates’ Court on November 3, charged with 10 counts of attempted murder over the incident.
He will appear at Cambridge Crown Court on 1 December.
Donald Trump has said he will sue the BBC for between $1bn and $5bn over the editing of his speech on Panorama.
The US president confirmed he would be taking legal action against the broadcaster while on Air Force One overnight on Saturday.
“We’ll sue them. We’ll sue them for anywhere between a billion (£792m) and five billion dollars (£3.79bn), probably sometime next week,” he told reporters.
“We have to do it, they’ve even admitted that they cheated. Not that they couldn’t have not done that. They cheated. They changed the words coming out of my mouth.”
Mr Trump then told reporters he would discuss the matter with Prime Minister Sir Keir Starmer over the weekend, and claimed “the people of the UK are very angry about what happened… because it shows the BBC is fake news”.
The Daily Telegraph reported earlier this month that an internal memo raised concerns about the BBC’s editing of a speech made by Mr Trump on 6 January 2021, just before a mob rioted at the US Capitol building, on its flagship late-night news programme.
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11:02
BBC crisis: How did it happen?
The concerns regard clips spliced together from sections of the president’s speech to make it appear he told supporters he was going to walk to the US Capitol with them to “fight like hell” in the documentary Trump: A Second Chance?, which was broadcast by the BBC the week before last year’s US election.
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Following a backlash, both BBC director-general Tim Davie and BBC News chief executive Deborah Turness resigned from their roles.
‘No basis for defamation claim’
On Thursday, the broadcaster officially apologised to the president and added that it was an “error of judgement” and the programme will “not be broadcast again in this form on any BBC platforms”.
A spokesperson said that “the BBC sincerely regrets the manner in which the video clip was edited,” but they also added that “we strongly disagree there is a basis for a defamation claim”.
Earlier this week, Mr Trump’s lawyers threatened to sue the BBC for $1bn unless it apologised, retracted the clip, and compensated him.
Image: The US president said he would sue the broadcaster for between $1bn and $5bn. File pic: PA
Legal challenges
But legal experts have said that Mr Trump would face challenges taking the case to court in the UK or the US.
The deadline to bring the case to UK courts, where defamation damages rarely exceed £100,000 ($132,000), has already expired because the documentary aired in October 2024, which is more than one year.
Also because the documentary was not shown in the US, it would be hard to show that Americans thought less of the president because of a programme they could not watch.
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2:05
Sky’s Katie Spencer on what BBC bosses told staff on call over Trump row
Newsnight allegations
The BBC has said it was looking into fresh allegations, published in The Telegraph, that its Newsnight show also selectively edited footage of the same speech in a report broadcast in June 2022.
A BBC spokesperson said: “The BBC holds itself to the highest editorial standards. This matter has been brought to our attention and we are now looking into it.”
This breaking news story is being updated and more details will be published shortly.
A man has been given a 13-month prison sentence for stealing Banksy’s famous Girl With Balloon print from a London gallery.
Larry Fraser, 49, of Beckton, east London, was sentenced on Friday after pleading guilty to one count of non-residential burglary at Kingston Crown Court on 9 October.
The print, one of the street artist‘s most famous, was stolen from a gallery in New Cavendish Street in London at around 11pm on 8 September last year.
Image: The recovered artwork back in the gallery. Pic: Metropolitan Police
Fraser used a hammer to smash his way through a glass entrance door at the Grove Gallery before stealing the artwork, which was valued at £270,000.
He concealed his identity with a mask, hooded jacket and gloves, but the Metropolitan Police’s Flying Squad was able to identify him and track him to a location streets away.
He was also caught on CCTV loading the artwork into a van before fleeing the scene.
A second man, 54-year-old James Love, was accused of being the getaway driver in the burglary, but cleared of stealing the print.
Image: Larry Fraser. Pic: Metropolitan Police
Image: Damage to the Grove Gallery after the theft. Pic: Metropolitan Police
Fraser was arrested at his home address on 10 September, within 48 hours of the burglary, and charged the next day.
Officers were able to recover the artwork after executing a warrant on the Isle of Dogs. It has now been returned to the gallery.
Fraser pleaded to the court that he was struggling with a historic drug debt and agreed to steal the work “under a degree of pressure and fear”.
He said he did not know what he would be stealing, nor its value, until the day of the offence.
Image: Fraser was caught on CCTV taking the artwork away from the gallery. Pic: Metropolitan Police
Jeffrey Israel, defending, said Fraser lived with his mother as her principal carer, and had only managed to “break his cycle of drug addiction” after his last prison sentence.
He added that it “would take a bold advocate” to suggest that the value of the print had increased by the burglary, but insisted “that is probably the reality”.
Judge Anne Brown was unmoved, however, and said the offence was “simply too serious” for a suspended sentence.
“This is a brazen and serious non-domestic burglary,” she said.
“Whilst you did not know the precise value of the print, you obviously understood it to be very valuable.”
She added: “Whilst I am sure there was a high degree of planning, this was not your plan.”
However, Fraser may be eligible for immediate release due to time spent on electronic curfew.
Detective Chief Inspector Scott Mather, who led the Met’s investigation, said: “Banksy’s Girl With Balloon is known across the world – and we reacted immediately to not just bring Fraser to justice but also reunite the artwork with the gallery.
“The speed at which this took place is a testament to the tireless work of the flying squad officers – in total it took just four days for normality to be restored.”
The 2004 artwork was part of a £1.5m collection of 13 Banksy pieces at the gallery.
Gallery manager, Lindor Mehmetaj, said it was “remarkable” for the piece to have been recovered after the theft.
The 29-year-old said: “I was completely, completely shocked, but in a very, very positive way when the Flying Squad showed me the actual artwork.
“It’s very hard to put into words, the weight that comes off your shoulders.”