Miliband's oil project ban could cost UK £150 billion

Research has revealed that Ed Miliband, the UK's Energy Secretary, may have caused significant economic loss by blocking new oil and gas projects in the North Sea. It is estimated that his decisions could cost the UK economy about £150 billion. Despite acknowledging the threat of climate change, Miliband’s aggressive pursuit of a net zero target by 2030 is seen as unrealistic. Critics argue that it could lead to higher energy bills, potentially adding £900 per year for households, contrary to Labour's promise of a £300 reduction. The UK's current energy bills are some of the highest globally, largely because the country is halting its own oil and gas production. A report states that the North Sea could meet much of the UK's oil and gas needs by 2050. Developing these domestic resources could add significant value to the economy. However, by not allowing new drilling, Miliband’s policies force the UK to rely on costly imports, which have a higher carbon footprint. This not only contradicts the goal of reducing emissions but also puts the UK’s energy security at risk amid global tensions. Miliband's stance could lead to job losses in the energy sector and push energy-intensive businesses to relocate to countries with lower costs. Critics urge Prime Minister Keir Starmer to take action to curb Miliband’s approach to avoid further damage to the economy and energy security.