RE: Harsh reaction today after broker upgrade......2 Apr 2026 06:40
Rachel Reeves opens rift with Miliband by backing North Sea drilling
The chancellor said she was ‘very happy’ to back exploration at Rosebank oilfield and Jackdaw gasfield
Rachel Reeves, the chancellor, has given support to two new energy drilling sites in the North Sea as the energy secretary weighs up whether to grant the licences.
Reeves said that she was “very happy” to back exploration at Rosebank oilfield and Jackdaw gasfield.
Ed Miliband, the energy secretary, has cautioned against an over-reliance on new fossil fuel extraction but is expected to make a decision on whether to grant the licences.
Labour has pledged not to allow new oil and gas drilling as part of its drive to net zero.
Reeves told the Jeremy Vine show on BBC Radio 2 yesterday: “It would, of course, create jobs and tax revenue, and that is why we continue to support oil and gas for decades to come. We have now got the disruption in the Middle East and it’s hard to get the oil and gas out of the Strait of Hormuz, which is pushing up prices. It does show that we have got to take control of our own energy supplies here in Britain.”
• North Sea gasfield ‘could supply UK by winter if drilling block lifted’
She added: “We said in our manifesto we would honour existing licences but the courts overturned the previous government’s decision.”
The decisions have become increasingly politically expedient, given warnings about energy bill rises caused by the US and Israel’s war with Iran.
Sir Keir Starmer refused demands last week from Kemi Badenoch, the Conservative leader, to intervene and give the green light for Rosebank and Jackdaw. The prime minister said that legally the decision had ultimately to be taken by Miliband.
Anas Sarwar, the Scottish Labour leader, said that he believed they should be approved. Asked whether he believed Miliband, who is seen as hostile to fossil fuels, was doing a good job, Sarwar said: “Yes, but there’s work to do.”
https://www.thetimes.com/uk/politics/article/rachel-reeves-opens-rift-with-miliband-by-backing-north-sea-drilling-k9pss778v
Sign In
Follow the stocks
