Campaigners criticise fall in company’s investments in renewables as it reveals better than expected profits of $6bn in third quarter

Shell has called on the government to “provide certainty” over the future of the North Sea after the chancellor confirmed plans to toughen its windfall tax on oil and gas profits.

Rachel Reeves used Labour’s first budget in 14 years to raise the headline tax rate of the energy profits levy by 3 percentage points to 78% until 2030 and close the “loophole” left by the previous government that enabled fossil fuel producers to reduce their taxes through investment allowances.