Gillian Ambrose

speaker

83 appearances 1 recordings 1 series first heard May 2026 last heard 7 May

Gillian Ambrose’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in May 2026 with 1.

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Today in Focus · Outrage as oil giants profit billions from Iran war – The Latest · 7 May 2026 podcast

So we are seeing that in airlines, we're seeing that in cut flights.

And I hate to say it, but I think that is something that we're going to see through the summer.

Well, we know at Shell, at least, they are increasing dividends for the quarter by 5%.

So that's something, it's not just a windfall profits for the company, it'll be flowing through to their shareholders and investors too.

But they will also have very large bills on repairing the infrastructure that's been damaged so far.

So some of that will be used in that way.

And I know, for example, that Shell have also increased the amount of debt that they have, and that is to cope with the crisis with the increased costs that we're seeing.

And so some of that will be used in that way, I imagine, over the course of a year.

But there's no getting away from the fact that an oil company

makes more money when oil prices are high.

That's the gravity of it.

I think there are always calls for higher taxes on oil companies, and the government is certainly hearing them these days.

It is, to my mind, a political problem for them, because if they had removed the windfall tax after the last crisis, then they could be seen to be doing something by putting another one in place.

But they've got the windfall tax in place that does the job, and it will be doing the job.

There will be higher receipts for the Treasury as a result of the crisis as well.

There are a few things to keep in mind, though.

The first is that the UK government's tax regime can only stretch so far.

It can't tax profits that are made in other countries or other subsidiaries in other countries.

So when you look at a company like Shell or BP, a really tiny percentage of the oil and gas that they produce comes from UK waters.

It's mostly from the rest of the world.

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