The Tony Blair Institute has called on the UK Government to approve Rosebank and unlock further North Sea oil and gas developments as part of a fundamental reset of Britain's energy strategy.
In a major intervention ahead of the Budget, the think tank founded by former Labour prime minister Sir Tony Blair has urged ministers to abandon the Clean Power 2030 target in favour of a new Cheaper Power mission, placing affordability, energy security and economic growth at the heart of government policy.
Its report, Cheaper Power, Stronger Britain, argues that the recent approval of the Jackdaw gas field must be followed by consent for Rosebank and a stable fiscal and regulatory framework to encourage investment in subsequent North Sea projects.
It warns that isolated approvals will not be enough to restore investor confidence, with continued uncertainty threatening to accelerate decommissioning, drive skilled workers out of the industry and permanently damage the supply chain.
The report states: "Rosebank should signal confidence in the basin’s remaining future, giving operators and suppliers the certainty to commit capital, retain skilled workers and maintain the infrastructure on which subsequent developments will depend. Isolated approvals amid continuing uncertainty will not provide that confidence."
It adds: "Delay risks accelerating the basin’s decline. Without a credible investment pipeline, operators could bring forward decommissioning, suppliers could withdraw and skilled workers could leave."
The institute highlights the substantial economic prize associated with unlocking the remaining resources of the North Sea.
It cites industry estimates suggesting Rosebank could generate £24.3billion in UK gross value added over its producing life, supported by £8.7billion of investment.
The report also identifies the undeveloped Cambo oil field as a major opportunity, with Ithaca Energy estimating that the project would require more than £3billion in development capital and generate approximately £13.7billion in lifetime economic value.
Research commissioned by Adura, meanwhile, suggests that approving Rosebank and other planned oil developments could generate approximately £2.6billion in additional direct and supply-chain tax revenues over the decade to 2035-36.
The institute argues that these revenues should support wider public spending or lower taxation, rather than automatically being ringfenced for green energy investment.
Its intervention comes as Prime Minister Andy Burnham faces growing pressure from business leaders, trade unions and senior cabinet colleagues to approve Rosebank following last week's Jackdaw decision.
Beyond the North Sea, the report delivers a wider critique of the UK's energy policy, arguing that the drive to achieve clean electricity by 2030 has placed insufficient emphasis on the costs facing households and businesses.
It highlights the £1.7billion already spent in 2026 paying wind farms to reduce output and other generators to replace it because of constraints on Britain's electricity network.
The institute calls for accelerated grid investment, reform of electricity markets and a reassessment of spending commitments, including Great British Energy and Great British Grid.
While reaffirming its support for net zero by 2050, it argues that cheaper electricity and greater energy security must become the principal measures of success.
The report concludes: "Britain’s energy resources should be a source of competitive strength – this Budget and the ten-year plan are the opportunity to make that happen."