Calls for ‘loophole’ to be closed as BP profits are £500m ahead of expectations

Enormous earnings are the ‘unearned, unexpected windfalls of war’, says Labour shadow energy secretary Ed Miliband

BP’s Thunder Horse oil rig in the Gulf of Mexico (Reuters)

Opposition parties have renewed their calls for the government to close a “loophole” in its windfall tax on energy giants after BP said it made more than half-a-billion pounds more than expected in just three months.

The oil giant said it made just under £4bn in underlying profit between January and March, citing a strong performance in its oil trading business.

“These enormous profits are the unearned, unexpected windfalls of war,” said Labour shadow energy secretary Ed Miliband.