Ed Miliband's £200bn Net Zero gamble risks 250k jobs and buries North Sea treasure, analysis shows

Ed Miliband's Energy Independence Bill will cost Britain £200billion and nearly 250,000 jobs, a new analysis conducted by GB News and Facts4EU has revealed. The legislation, which will ban oil and gas exploration and fracking, was officially introduced in the King's Speech last month as part of Labour's relentless drive to Net Zero.Addressing MPs back in March, Mr Miliband said: [I] decided not to issue new licences to explore new fields, which the science tells us is the right thing to do.The following month, the one-time Labour leader doubled down, adding: The era of fossil fuel security is over, and the era of clean energy security must come of age. TRENDING Stories Videos Your Say Analysis by Facts4EU, based on figures from the Government's own regulator, the North Sea Transition Authority, suggests the Treasury could forgo substantial future tax revenues if significant volumes of North Sea oil and gas remain undeveloped. Using average extraction costs of around £41.50 per barrel and an oil price of roughly £79 per barrel (107), the sector's current tax regime would generate an estimated £30 in tax revenue per barrel produced. Applied to the remaining estimated nine billion barrels of recoverable reserves, this equates to around £270billion in potential tax receipts.The NSTA acknowledges that significant oil and gas reserves remain beneath UK waters, with almost 48 billion barrels of oil equivalent having been extracted from the North Sea by the end of 2024.Using its conservative mid-range estimates, the regulator believes a further 9.2 billion barrels of oil equivalent, equivalent to nearly 20 per cent of total North Sea resources, remains recoverable.Lord John Redwood, former Secretary of State, said: A Government which spends its time trying to find more ways to tax business and take voters’ money to pay its surging benefits bill and fulfil its wish to give money to the EU wants to stop the flow of tax money from UK oil and gas.The North Sea fields have not just gushed energy but have poured forth so much money for the Treasury.“Facts4EU reveal today just how much we did get and how the revenue is collapsing with penal rates and bans on new investment.LATEST DEVELOPMENTSBP 'in talks to sell its North Sea holdings' after more than 60 years operatingRelentless drive to Net Zero is trampling British industry, chemicals plant boss tells GB NewsBritons recommended to 'cycle more and eat less meat' to hit Net Zero targetsHe added: We could have so much more oil and gas if only the government would lift its ban on exploration and new production. The current super high tax rate acts as a brake on production, undermining the tax revenues we enjoyed with more realistic tax rates. There is over £200billion sitting under the waves for the taking.”Richard Tice MP, Reform UK Energy Spokesman, also said: Ed Miliband is cutting off our nose in spite of our face. In his pursuit of mad, extremist Net Zero policies, he now plans to legislate to deny the huge value of the UK’s natural wealth to the overburdened taxpayer.You can be sure he will expect you and I to compensate for the billions in lost tax revenues by putting up our taxes still further. A Reform UK government will do everything possible to reverse this.”Claire Coutinho, Shadow Energy Secretary, added: Cutting off production in the North Sea does not mean that we use any less oil and gas. Production is not linked to consumption. All it means is that we will import more of that gas from abroad. That is weaker and it makes us more reliant on imports.”Labour claims that hundreds of thousands of new jobs will be created as a direct result of its net-zero push and its decision to halt new North Sea drilling exploration.Currently, 240,000 jobs are directly or indirectly involved in the oil and gas industry.Lord John Redwood added: Why is the government so determined to close our great oil and gas industry down when it still has plenty of fuel left in the tank? Why destroy the well-paid jobs? Why import more oil and gas from abroad, creating more CO2? Why give up on the tax torrent that flows out of North Sea wells?This is dangerous self-harm, undermining our finances and our national security at the same time. Do they like punishing voters with higher taxes instead of turning to this oil and gas tax gusher?A Department for Energy, Security Net Zero spokeswoman told GB News: “These figures are not accurate. Oil and gas production will be with us for decades to come, and we will manage existing fields for the entirety of their lifespan - while actively scaling up clean energy industries in the North Sea.“Our ambitious plans will make the North Sea a clean energy powerhouse and support up to 40,000 new jobs in Scotland by 2030.”Our Standards: The GB News Editorial Charter