Energy giant Shell reported its second-highest quarterly profit of £8.2bn

Shell has reported its second-highest quarterly profit on record of $9.5bn ( £8,2bn) between July and September, compared to $4.2bn during the same period last year.

The energy giant said that because it had made large investments in the UK, it meant it had made no profit here and does not expect to start paying windfall taxes until early next year. 

The Energy Price Levy or Windfall tax on profits of energy firms was announced by Rishi Sunak, then Chancellor back in May, saying it would raise £5bn in its first year. Higher oil and gas price has also fuelled the rise in energy bills for both households and businesses. The government is limiting gas and electricity bills through the Energy Price Guarantee scheme, which instead lasting for two years as originally planned will now end in April 2023. Typical household gas and electric costs could reach more than £4, 300 when support is scaled back.