Ed Miliband’s latest mad move just cost UK £112bn – and YOUR taxes will plug the gap

Ed Miliband, the UK’s Energy Secretary, is making decisions that could hurt the UK economy. His focus on green energy is costing taxpayers a lot of money, while he blocks projects that could boost the economy and provide much-needed energy.

Recently, a huge gas field was discovered in Lincolnshire, called the Gainsborough Trough. This field could supply the UK with energy for the next 10 years, add £112 billion to the economy, create thousands of jobs, and bring in £30 billion in taxes. But Miliband is blocking its development.

He’s also trying to shut down other energy projects, like the Rosebank oil field in the North Sea, which could provide 7% of the UK’s oil by 2030, and the Jackdaw natural gas field. On top of that, he plans to ban fracking, a method that has made the US energy-rich and helped Europe reduce its reliance on Russian gas.

In the past, discoveries like North Sea oil and gas were seen as huge opportunities for the UK. But now, Miliband wants to leave these resources untouched and focus on building wind turbines, solar panels, and power lines across the countryside.

This approach is not only bad for the economy but also risky for the UK’s energy security. The UK still needs natural gas for homes, businesses, and as a backup when renewable energy isn’t available. By blocking domestic gas production, Miliband is forcing the UK to import more expensive gas from other countries, often with worse environmental standards or questionable governments.

This will make energy prices even higher for British households and businesses. Chancellor Rachel Reeves, who is trying to grow the economy, will likely have to raise taxes to make up for the £30 billion in lost tax revenue from these blocked projects.

Ironically, using the gas from the Gainsborough field would actually reduce the UK’s carbon emissions by 218 million tonnes compared to importing gas. So, blocking it doesn’t even make environmental sense.

In short, Miliband’s policies are hurting the UK’s economy, energy security, and environment. Instead of blocking these energy projects, the UK should be taking advantage of them.