Shell reconsiders £25bn investment in UK energy over windfall tax raid

In his speech to the Confederation of British Industry’s annual conference on Monday, the Prime Minister defended the Autumn Statement and insisted that the Budget had restored confidence and stability. He acknowledged there was “more we need to do” but said the Government’s decision to protect spending on research and development would boost innovation, calling on businesses to step up investment as well. “In terms of future projects, you're gonna have to rerun the economics and take a view on a project by project basis.” Shell announced plans to invest between £20bn and £25bn in UK energy projects in March, with more than three quarters of the money expected to go towards green energy schemes. Despite the drop, however, the RAC accused supermarkets of failing to pass on the price savings to motorists at petrol station forecourts, charging “far higher prices than they should be”. Simon Williams, the RAC’s fuel spokesman, said: “This is unfortunately a perfect example of prices falling like a feather, the opposite of them rocketing up as soon as the wholesale price rises significantly.” A HM Treasury Spokesperson said: “The Energy Profits Levy strikes a balance between funding cost of living support while encouraging investment in order to bolster the UK’s energy security.