Shell has announced a shock jump in its profits - nearly triple what it was last year, which has sparked calls for a windfall tax on oil and gas giants to help families struggling with the cost-of-living squeeze.

The Standard reports on Thursday how Royal Dutch Shell published underlying profits of $9.1 billion (£7.2 billion) for the first financial quarter of this year.

The biggest shock is the size of the profits, which are up 43 per cent thanks to soaring oil and gas prices.

Now, there are calls for a one-off tax on the likes of BP and Shell, suggesting a windfall payment could bring in £9 billion for the Treasury’s covid-ravaged coffers and help households .

It comes after BP announced another huge earnings jump to $6.2 billion.

Back in February, both BP and Shell were among multinational companies exiting the Russian market.

But is there a moral argument that some corporations could still be war profiteering as a knock-on effect of the invasion of Ukraine?

It comes as the Bank of England raises interest rates and warns of a recession.

To examine today’s developments, by the Evening Standard’s City Editor, Oscar Williams-Grut.

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