Connect with us

Published

on

Kemi Badenoch is calling for the government to “get Britain drilling again” – as Sir Keir Starmer heads to COP30.

The Tory leader has launched a joint campaign with the Scottish Conservatives to demand the moratorium on new oil and gas licences is lifted.

They are also calling on the chancellor to scrap the energy profits levy – an extra 38% tax on North Sea oil and gas profits – at the upcoming budget on 26 November.

Politics latest: Reeves refuses to rule out tax rises

The Conservatives want the government to recognise that it believes gas will be a key part of the future energy mix to secure energy and lower bills to “deliver a stronger economy”.

They have launched the call to “get Britain drilling again” as the prime minister flies to Brazil for the COP30 summit after he reiterated the government’s dedication to clean energy goals and the UK’s role as a global climate leader on Tuesday.

He admitted COP30 would present a “challenge” due to slow global progress in cutting emissions, but said: “I’ve thought climate change has been our biggest challenge as a species for a very long number of years now.”

Please use Chrome browser for a more accessible video player

Trump’s ambassador tells UK to drill for oil

Speaking on a visit to Aberdeen, Ms Badenoch said the UK, in particular northeast Scotland, is facing an oil and gas “emergency due to the anti-growth policies of the Labour government in Westminster and the SNP in Holyrood”.

She warned the offshore oil and gas sector “risks disappearing altogether”, which she said would mean job losses in Scotland and the rest of the UK, and leave the country more reliant on overseas energy imports.

Ms Badenoch said: “Scotland, and the whole United Kingdom, faces a growing oil and gas emergency thanks to Labour’s inability to put our national interest first.

“By the end of Labour’s first term in office, it’s not inconceivable that Scotland’s oil and gas sector will be at serious risk, with domestic production currently set to half by 2030.

“That would be a shocking indictment of Labour’s energy policy, and a dangerous act of economic self-sabotage.

“Enough is enough. Keir Starmer must find the backbone to ditch Ed Miliband’s Net Zero fanaticism, which is forcing up bills and driving away industry.

“Instead, the prime minister should do what our economy needs, scrap the energy profits levy and end the moratorium on new licences in the North Sea.

“If the Labour government fails to act, we could be witness to the end of our domestic energy security as we know it.”

North Sea oil exploration platforms lie in the Cromerty Firth in northern Scotland in 2003. Pic: AP
Image:
North Sea oil exploration platforms lie in the Cromerty Firth in northern Scotland in 2003. Pic: AP

A Labour Party spokesperson accused Ms Badenoch of “doubling down on the same failed Tory energy policy that caused the worst cost-of-living crisis in a generation”.

“The Conservatives’ anti-growth, anti-jobs, anti-investment position on clean energy would cost hundreds of thousands of jobs, leave Britain reliant on insecure expensive fossil fuels and lock families into higher bills for generations to come,” she added.

“It’s the same old Tories, with the same old policies. It didn’t work then and it won’t work now.”

There have been a series of oil and gas closures this year.

Grangemouth, Scotland’s only oil refinery, stopped processing crude oil after a century of operations in April, with 430 job losses.

The union Unite said political leaders had “utterly failed” the workers and would face “electoral wrath”, while the area’s Labour MP, Brian Leishman, said he was “disgusted” by the broken promises.

Harbour Energy, the UK’s largest oil and gas producer, cut 250 jobs in Aberdeen in May, blaming the government’s fiscal rules and regulations.

The Prax Lindsey Oil Refinery in Lincolnshire ended production in August, with 125 job losses, after the group went into administration and the government was unable to find a buyer.

In October, oil and gas contractor Petrofac, which employs about 2,000 people in Scotland, filed for administration, but its core operating subsidiaries and North Sea business have continued to trade as normal while it looks at restructuring or selling.

Continue Reading

Politics

Taiwan eyes 2026 stablecoin launch as crypto legislation advances: Report

Published

on

By

Taiwan eyes 2026 stablecoin launch as crypto legislation advances: Report

Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.

According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.

Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.

Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.

Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.

Related: Taiwan charges suspects in record $72M crypto laundering scheme

Is Taiwan also exploring a Bitcoin reserve?

In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.