Halifax reports that average UK house prices fell 1.5% in December, the fourth monthly drop in a row, pulling annual growth down to 2%
Energy news: Shell says it expects to pay around $2bn over the fourth quarter of last year, due to windfall taxes in the European Union and the UK.
The oil and gas giant made the prediction in a stock market update on its fourth quarter 2022 outlook, this morning.
The Q4’22 earnings impact of recently announced additional taxes in the EU (the solidarity contribution) and the deferred tax impact from the increased UK Energy Profits Levy is expected to be around $2 billion.
These impacts will be reported as identified items and therefore will not impact Q4’22 Adjusted Earnings and will have limited cash impact in Q4’22 given the expected timing of payments.
BP and Shell achieved sky high profits in 2022 as the war in Ukraine sent oil and gas prices sharply higher, boosting their earnings, which prompted the UK government to increase its windfall levy. However, Shell warned in November that it will be evaluating its plans to invest £25 billion in Britain over the next ten years as a result of the tax, suggesting that Shell could invest less in UK energy.
Three quarters of this decade-long investment plan was set aside for the green transformation, intended for low and zero-carbon products and services.