Economists and policy researchers are backing new oil and gas exploration in the North Sea as key for growth, a survey has revealed.
The questionnaire, carried out by the Centre for British Progress think tank, showed that more than 80% of those surveyed believe fresh exploration would be one of the most effective policies to boost UK growth.
The Times reports Pedro Serôdio, the Chief Economist at the Centre for British Progress, said: “The economics are quite clear. The alternative to North Sea gas for heating is to import that gas from abroad, which increases global emissions — imported liquefied natural gas is 18% more carbon-emitting than North Sea gas.”
He went on: “Licences also generate tax revenue and don’t require the UK to pay for gas it can extract, at a lower cost, from domestic sources. The economists we polled are unconvinced by the idea of forfeiting these benefits for a policy that doesn’t even reliably reduce emissions.”
The results of the survey of more than 100 economists and researchers come as Energy Secretary Miatta Fahnbulleh had been set to approve the Jackdaw gasfield.
But Prime Minister Andy Burnham is now had to have pushed back the decision on the project until after the Holborn and St Pancras by-election on October 8.
In the wake of that decision, The Herald reports West Aberdeenshire and Kincardine MP Andrew Bowie also wrote to Burnham accusing him of putting the Labour Party before the interests of the country.
He said the industry had "been kept waiting for over two years for a desperately slow consultation process and decision to be taken as to whether Jackdaw and Rosebank will be approved".
He added: "If approved now, gas could start flowing directly into the British gas grid by winter, reducing our reliance on expensive imports, securing jobs and sending a signal Britain is open for business.
"However, the uncertainty, the dither and the delay are killing confidence in our energy industry and costing the country dear.
"It has been understood for some time now that a decision is imminent. There is absolutely no acceptable reason to postpone a decision any further."