Labour's tax raid on North Sea oil and gas industry could cost up to 100,000 jobs and £30billion...

Up to 100,000 jobs are at risk if Labour presses ahead with its attack on oil and gas drillings in the North Sea, business chiefs have warned.

The energy sector was already reeling from a windfall tax introduced by the Tories after Russia’s invasion of Ukraine sent bills soaring. Fear about Labour’s North Sea plans rose last week when it was forced to deny reports that Energy Secretary Ed Miliband had banned regulator Ofgem from issuing new drilling licencesCritics fear the increasingly hostile environment will result in oil and gas firms fleeing overseas, hitting energy supplies and tax receipts.Warning that ‘our path to net zero could look more like a road to nowhere’, the group’s chief executive Russell Borthwick added: ‘Confidence is at rock bottom.

Fear about Labour’s North Sea plans rose last week when it was forced to deny reports that Energy Secretary Ed Miliband had overruled officials and banned regulator Ofgem from issuing any new drilling licences, including those in their first round of approval.

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