Gregory Stafford

I understand that the figure is £25 billion, which is a significant injection into the Treasury however we look at it. The simple truth is this: if we increase domestic supply, we can ease pressure on prices, reduce reliance on expensive imported LNG and cut costs. That is not ideology—it is basic economics. The idea that new licences would take too long does not survive scrutiny either. Much of the North sea’s infrastructure already exists. Pipelines and platforms have spare capacity. New fields can be tied into existing systems, accelerating production and reducing cost. What Labour presents as inevitability is in fact a political choice. In the non-statement the Chancellor made earlier today, she talked about cutting red tape. Perhaps she should think about cutting Red Ed first of all, because this choice has consequences. The ban on new licences risks leaving 2.9 billion barrels of oil and gas in the ground and puts at risk 200,000 jobs. Those are not abstract numbers. They are skilled, well-paid jobs that have powered communities for generations. This is not transition; it is industrial retreat.