Former chancellor Jeremy Hunt has urged the Labour Government to approve the Rosebank and Jackdaw oil and gas developments as part of a Budget package to revive Britain's struggling economy.
Writing in The Telegraph, Sir Jeremy said Chancellor John Healey should use his first Budget to tackle Britain's uncompetitive energy costs, warning that businesses in Germany pay 24% less for energy, those in France 35% less and their American counterparts 75% less.
He argued that bringing UK energy prices into line with international competitors over the next five years should be a central government objective, with approval of the two major North Sea developments forming part of the solution.
'That would mean announcing the go-ahead for Rosebank and Jackdaw in the North Sea,' he wrote, also calling for greater National Grid capacity and reforms to reduce the influence of international gas prices on domestic energy bills.
However, Sir Jeremy's intervention comes despite his own record as chancellor, when he extended the Energy Profits Levy on North Sea, prolonging the windfall tax regime that the industry argues has discouraged investment.
His five-point Budget blueprint also calls for welfare reform, AI-driven public sector productivity improvements, faster infrastructure planning decisions and greater economic powers for regional mayors.
Source: Aberdeen & Grampian Chamber of Commerce
