Energy Secretary Claire Coutinho has sounded the alarm over Labour's plan to ban new North Sea oil and gas exploration, warning it will leave a £4.5 billion gap in public finances that will need to be covered by higher taxes.
Coutinho slammed Sir Keir Starmer's Net Zero plan, accusing him of wanting to drag Britain "back to the dark ages" by phasing out domestic production. Starmer has pledged to block new oil and gas field exploration, claiming it’s essential to combat the worsening climate crisis.
Tory analysis suggests the ban would result in a £4.5 billion tax shortfall over the next decade and a total loss of £12.4 billion as North Sea production declines. Ministers have also cautioned that the plan puts 200,000 high-paying jobs at risk, many of them in Scotland.
In a piece for The Telegraph, Coutinho called the Labour plans "a spectacular act of economic self-harm" that would make the UK "colder and poorer." She warned the lost revenue would force tax hikes and lead to "increased reliance on foreign imports, lost jobs, and even blackouts."
Ian Collins speaks with energy commentator, Charles McAllister.
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