Bolton reacts as Shell could pay borough’s salaries 9 times over

Shell posted their highest profits in 115 years last week - £32.2bn after tax, topping the previous record of £31bn in 2008.

Office for National Statistics figures show the average employee in Bolton earned an average annual salary of £27,732 in 2022, according to the latest monthly figures for October.

Based on this, Shell could potentially pay the area's 123,387 payrolled employees nine times over based on its profits last year.

This comes as drivers have been warned over rising petrol and diesel prices.

Read more: Anger as Shell profits rocket to ‘obscene’ 115-year high

In light of people facing soaring energy bills and many struggling to fuel their homes, campaign group Friends of the Earth labelled the substantial rise "staggering", while opposition parties urged the government to implement a windfall tax.

Shadow climate change secretary Ed Miliband said: "As the British people face an energy price hike of 40 per cent in April, the government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax."

Boltonians gave their thoughts on the record-breaking profits.

Shell posted record profits earlier this week (Image: Radar AI)

Najam Ali, aged 52, from Chorley Old Road, said: “They should lower the prices of fuel to help people struggling.

“Everyone is struggling at the moment, you look around and you can see every shop closing.

“I’d like to see the government helping businesses and helping people.”

Bob Martin, from Great Lever, said: “I think at the moment it’s a bit of a disgrace how people are supposed to struggle and they’re not supporting them properly.

“As far as getting fuel, all these supermarkets should be bringing down their prices by 10 to 15 pence a litre, they seem to be keeping prices up to a big degree.

Read more: RAC issue warning to drivers as research reveals you are being ripped off

“They should do a windfall tax. I know the government are trying to make it so that companies invest more money.

“But they should help people out for the next two years because it’s going to be rough.”

Sandra Patton, from Farnworth, said: “If they’re getting profits, it depends what they’re doing with them.

“If they’re going to invest, everybody’s got to make a living. It depends how you look at it.

“You could say the government should tax them but then the government should go and sort themselves out before they go messing with other people’s profit.”

Karen Roberts, from Preston, said 'it feels like they're gloating' (Image: Newsquest)

Karen Roberts, from Preston, said: “Everybody is trying to make ends meet.

"They should share the love. And stop advertising it, it feels like they’re gloating.

“There comes a time when we’ve just got to help each other.”

One woman, who didn’t want to be named, said: “It’s really quite ridiculous isn’t it.

"They should be reducing what people have to pay, it’s not rocket science.

“They seem to be gloating about it. They’re in business to make money, that’s what they’re there to do, but they could be a bit more subtle.”

Speaking about whether the government should introduce a windfall tax, she said: “Yes, I think prices are too high on this occasion, but I wouldn’t say they always should.

Read more: Concern as Bolton's biggest housing group set for 'massive five-fold' bills hike

“To make sure they don’t charge people as much, reducing the profit. They’re overcharging to make so much profit.

“The one thing is they do give X amount back through taxes.”

One man, who didn’t want to be named, said: “There’s always going to be investment, that’s going to come from the record windfall providing they’re paying the right amount of tax and levies.

“I’m all in favour of a fair share going around, but I think that those bonuses being paid to ‘fat cats’ is nonsensical.

“A windfall tax might frighten investment away. It’s an incredible balancing act to try and achieve.”

He added: “I know people are struggling and I know that’s wrong and I know people are asking for pay rises as they’re struggling to get by.

“I get the impression older generations put up with this on previous occasions.”

In response, Shell chief executive Wael Sawan said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition.

“As we continue to put our powering progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

“We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15 per cent dividend increase and the four-billion-dollar share buyback programme announced today.”

No 10 said that while it “absolutely” understood people’s anger over Shell’s record haul, the current windfall tax strikes a balance between helping with energy bills and encouraging investment.

Prime Minister Rishi Sunak's spokesman said: “We recognise that the public will think these are extraordinary profits, clearly.

“The new headline 75 per cent tax rate is comparable with other North Sea tax regimes including Norway, and we think that strikes a balance between funding cost-of-living support while encouraging investment in order to bolster the UK energy security.”

The official declined to comment on “decisions made by individual companies” when asked about Shell appearing to plough much of its profits back into dividends and share buybacks.

“Obviously, we are seeing Shell make substantive investments here in the UK,” he said.

Asked whether it was enough, he said: “Of course we’d always want to see companies invest more in the UK, certainly.”