Labour’s Jess Phillips says the prime minister’s plan to issue new North Sea gas and oil licences is a “bad policy at the wrong time” and accuses the government of causing “complete and utter instability” within the economy, claiming that people “don’t know what they’re investing in” when it comes to energy. Report by Rowlandi. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 I think it's the bad policy at the wrong time. It will do absolutely nothing to increase our
00:10 resilience against the environmental shocks that we are seeing here in the UK and across the world.
00:15 But what's more, it's economically a bad plan. The Office of Budget Responsibility have made it very
00:21 clear that a doubling down on fossil fuels will increase the debt of our country and affect our
00:29 GDP. What the Labour Party proposes is a green prosperity plan that puts that energy and I have
00:37 to say billions of pounds of taxpayers money that Rishi Sunak is handing to oil and gas companies
00:42 today in subsidies to get this done. That should be going into job creation in green industries,
00:50 onshore offshore wind, insulating homes. That has a direct effect on British gas and energy
00:58 payers. That will directly bring them down. I'm afraid to say that new oil and gas coming out of
01:04 the North Sea will not bring people's bills down and it doesn't even get sold into a British market.
01:09 It is sold on international markets with 81% of all of our oil going elsewhere. What the government
01:14 has caused to our economy over the past certainly three years is complete and utter instability. So
01:20 people don't know what they're investing in. Business needs stability. And what we don't want
01:25 to do is for people to be investing in this particular form of energy now and then for it
01:29 all to be thrown out like a baby with the bathwater. So the Labour Party would not be
01:34 signing these licenses. It will not sign new ones, but it will live out the lifespan of those that
01:39 are in existence when it comes to power.