Labour should reverse ban on new oil and gas licences, Blair’s think tank says

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “The Tony Blair Institute’s so-called ‘reset’ looks less like a fresh start and more like a defence of fossil fuels and an energy industry that has made over £125bn in UK profits since 2020.

“For the Institute to call for the Windfall Tax to be scrapped, while energy giants post extraordinary profits and millions live in cold, damp homes, is staggering.

“That tax exists because companies benefited from a crisis that devastated household finances.

“Removing the Windfall Tax would reward profiteering and shift the burden back onto households that are still paying the price of Britain’s over-reliance on gas.

“It was exposure to volatile global fossil fuel markets that sent bills through the roof, not climate targets and doubling down on new North Sea exploration will not lower bills.

“Gas is sold at international prices and the North Sea is a declining geological resource that cannot meet the country’s heating needs in the long term.

“The answer to high bills lies in accelerating homegrown renewables, reforming electricity pricing and investing in energy efficiency, not returning to the solutions of the past.”