Labour leadership candidate Wes Streeting has kicked off his campaign to become Prime Minister by pledging to drill for oil and gas in the North Sea, delivering a savage slap in the face to Net Zero Secretary Ed Miliband. He accused opponents of the North Sea of pushing up household energy prices and driving voters toward Nigel Farage and Reform UK.
The battle to replace Sir Keir Starmer as party leader and Prime Minister is set to begin in earnest following the Makerfield by-election on Thursday, when Greater Manchester Mayor and leadership contender Andy Burnham hopes to return to Parliament as an MP. But Mr Streeting, the former Health Secretary, today set out two major policies, effectively launching his own leadership bid before Mr Burnham has the chance.
North Sea Tax Receipts for Green Projects
Mr Streeting argued that tax revenues from new North Sea projects should be used to cut energy bills and carbon emissions. The government is currently deciding whether to allow production at the Jackdaw gas field and Rosebank oil and gas field, with Energy Secretary Ed Miliband understood to be firmly opposed.
Streeting noted that declining oil and gas production, along with lower prices, cost the Treasury £1.6 billion in tax receipts in 2024/25. He proposed funneling tax receipts from the two new fields into heat pumps, home insulation starting with council houses, batteries, and other electrification projects to cut household and business energy bills while reducing carbon emissions.
“Businesses and households are held back by high energy costs. The tax receipts from new North Sea oil and gas fields should be funnelled into cheaper energy: insulation, heat pumps, and electrification to cut bills and emissions,” Mr Streeting said.
“Opponents of the North Sea say it sets the wrong example to the world. But the worst example we can set is that net zero can only be delivered on the backs of the poor and working people’s jobs. This is the route to Nigel Farage walking into Downing Street and destroying our renewables industry.”
“The best example we can set is to show that the net zero and growth agendas are not in competition. That we can cut bills and cut emissions at the same time.”
Global Talent Programme
Mr Streeting also plans to loosen immigration restrictions for 20,000 of the world’s leading scientists, AI experts, and engineers to attract them to the UK. If he becomes Prime Minister, his government will work with universities, businesses, professional bodies, trade unions, and national institutions to identify the world’s best brains.
“We should open our door to the best and the brightest. Trump is saying to world-leading scientists, engineers, AI experts - you’re not welcome here. I would tell them: we’ll welcome you with open arms,” Mr Streeting said.
“I’d introduce a Global Talent Programme to actively recruit 20,000 of the world’s best scientists, engineers, and AI experts to our country. They are building the future and I want them to build it here.”
“Voters who want lower levels of migration aren’t opposed to inviting tomorrow’s Nobel Prize winners to make their discoveries here in Britain.”
