The UK government announced a new energy wealth fund, financed by oil and gas extraction tax revenue, with an initial £2 billion allocation to support renewable and low‑carbon energy projects.
During Prime Minister’s Questions, Conservative leader Kemi Badenoch thanked Burnham for finally approving the Jackdaw project, while criticizing the government for what she described as dithering on the decision.
Badenoch also urged Labour to lift its prohibition on issuing new oil and gas licences.
She added, “We have the resources, the expertise and the people. What we have lost is the confidence to make tough decisions,” emphasizing the need for decisive leadership.
The prime minister said his decision corrected a mistake made by the previous Conservative government.
He explained that earlier decisions failed to consider climate obligations, noting that “these matters must be weighed holistically.”
Burnham said he has asked the chancellor and the energy secretary to examine the possibility of removing standing charges from gas bills.
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