Shell profits rocket to highest level CRITICISM

SHELL has recorded the highest profit in its 115-year history as it benefited from soaring energy prices.

Political and environmental campaigners criticised the profit jump as ‘obscene’ and ‘outrageous’ as UK households face soaring energy costs in the wake of Russia’s invasion of Ukraine.

The oil giant said core profits rocketed to $84.3bn (circa £68.4bn) in 2022.

Borrowing

Chief economist cautions over increases to rates

THE chief economist of the Bank of England has cautioned that it is important the Bank doesn’t raise borrowing costs too high.

Huw Pill’s warning came a day after the central bank hiked interest rates by 0.5 of a percentage point to four per cent – its highest level since 2008 – but indicated it could slow down recent rate-hiking activity. He told Times Radio it was important the Bank didn’t do ‘too much’, despite recognising that UK inflation was ‘much too high’.