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BP and the Tories just laughed at the poorest people

A smart meter, the BP logo and Tory minister Anne Marie Trevelyan

BP has announced a huge profits bonanza. The massive corporation saw a massive 138% increase in its profits for the first three months of the year. Meanwhile, the situation for the poorest people in the UK continues to worsen. Yet a Tory minister has again ruled out hitting the likes of BP where it hurts.

BP: laughing all the way to the bank

BBC News reported on BP’s profits. It noted that:

The energy giant reported an underlying profit of $6.2bn (£4.9bn) compared to $2.6bn in the same period last year – ahead of expectations.

BP said the increase was due in part to “exceptional oil and gas trading”.

The rise is an increase of 138%. It comes after BP made $12.8bn (£9.5bn) profit in 2021 – not dissimilar to Shell’s $19bn profit. As author and researcher Christine Berry tweeted:

Indeed – and the government was still claiming this on Tuesday 3 May.

The government: ‘what crisis?’

Dan Walker interviewed international trade minister Anne-Marie Trevelyan on BBC Breakfast. She disagreed with a so-called “windfall tax” – where the government would hit energy companies with a one-off financial sting:

So, while BP continues to rake it in, the Tory government sits on its hands. Meanwhile, the poorest people are already facing an even bleaker winter.

BP and the government: waging class war

As The Canary previously reported, think tank the Resolution Foundation has said that 62%, or nearly two-thirds, of the poorest households are under what it calls “fuel stress” right now – the new term for fuel poverty. It’s forecasting that come October, when another energy price rise hits, this figure will rise to 80%:

A graph from the Resolution Foundation showing the extent of fuel poverty for rich and poor

But as the Resolution Foundation’s Jonathan Marshall wrote, it’s not the same for everyone:

four in five of the poorest families face fuel stress this October, compared with just one in 50 of the richest

All this is without soaring food prices, a real-terms social security cut of £10bn and inaction from the government.

What do you call it when corporations like BP rake it in and the government stands idly by? It’s class war, not a cost of living crisis – and as each day passes, the situation only gets worse.

Featured image via Global Panorama – Flickr, resized to 770×403 under licence CC BY-SA 2.0, LBC – YouTube and The Canary 

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