Tuesday, November 5, 2024

Labour’s oil and gas ban will create £4.5bn tax black hole, Energy Secretary warns

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Tory strategists have turned fire on Labour’s energy policy after accusing Sir Keir and Ms Reeves of plotting 17 “secret” tax rises on families and businesses.

Conservative HQ sees the opposition’s net zero plans as a key weakness it can use to hammer home the point that Labour cannot be trusted with the economy.

On Sunday, Rishi Sunak claimed the Labour leader would “run riot” with taxpayers money if elected. 

He told the Daily Express: “Labour has admitted their manifesto is nothing more than a con.

“At this election, Keir Starmer is asking for you and your family to sign a blank cheque, and we all know what he wants to do with it: Put up your taxes so he can run riot with your money.”

Analysis by the party suggests that the ban on new oil and gas exploration would cost the equivalent of £160 per household over the next decade.

Sir Keir pressed ahead with the ban on new drilling despite facing fierce opposition from the unions, who warned it was “irresponsible”.

He has insisted that he will not revoke existing long-term licences, which were issued by Tory governments to give the industry certainty.

Labour’s manifesto, published last Thursday, stated: “We will not issue new licences to explore new fields because they will not take a penny off bills, cannot make us energy secure, and will only accelerate the worsening climate crisis.”

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