Labour’s plans for the oil and gas industry could see the UK “move towards being uninvestable”, the sector’s biggest trade body has said.
He added: “This all comes together with some other challenges too to make it a really difficult investment environment in the UK.” He said: “We are in a global race for investment, and UK energy companies need supportive long-term policies, a stable tax regime, and responsible rhetoric from all sides.
“The UK’s world class oil and gas sector has reduced emissions by 24% since 2018 and we must build our low carbon future on this achievement.” A Labour spokesperson said: “After 14 years, the Government is still not on track to meet it’s clean power targets.“The Conservatives have blocked onshore wind, crashed the market for offshore wind, stalled on energy efficiency, and failed to tackle an out-of-date planning system that has meant holding back over £200 billion of private sector investment.
“Through investing here in Britain, we will make Britain a clean energy superpower with cheap and secure energy and freeing ourselves from the manipulations of Vladimir Putin and petrostates.”
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