Labour’s ban on new North Sea oil and gas exploration has sparked fears of a £4.5 billion tax revenue shortfall, with Energy Secretary Claire Coutinho warning of massive job losses and energy insecurity. The Telegraphhas the details.
Claire Coutinho has accused Sir Keir Starmer of planning to take Britain “back to the dark ages” with his Net Zero plan to phase out domestic production.
Tory analysis has claimed that the ban would lead to lost tax takings of £4.5 billion over the next 10 years and £12.4 billion in total as North Sea production dwindles.
Ministers have warned that the plan would also threaten 200,000 highly paid jobs that are dependent on the sector, many of them based in Scotland.
Writing for the Telegraph, Ms. Coutinho branded the plans “a spectacular act of economic self-harm” that would leave the U.K. “colder and poorer”.
The Energy Secretary said the cash would have to be recouped by hiking other taxes while the policy led to “increased reliance on foreign imports, lost jobs and even blackouts”.
She wrote: “It would be a triumph of ideology over common sense. Exporting jobs for the sake of importing virtue signalling. The choice is clear.
“Labour’s proposals will destroy jobs, raise taxes and hike up your bills. In a truism of all Labour governments – once they have run out of money, they will come for yours.”
The party will today set out how it aims to wean Britain off fossil fuels by creating 650,000 new jobs – many in green technology – in former industrial heartlands. …
Sir Keir pressed ahead with the ban on new drilling despite facing fierce opposition from the unions, who warned it was “irresponsible”.
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