Middle East: Economic Update

Edward Leigh Excerpts

Tuesday 24th March 2026 Commons Chamber

[Mr Speaker]

I call the Father of the House.

[Sir Edward Leigh (Gainsborough) (Con)]

In an attempt to get some consensus here, I commend one part of the Chancellor’s statement, where she said:

“We must guarantee that our domestic oil and gas industry can…play a role in our energy system for decades to come”.

Is there not a sensible, middle-of-the-way approach here? We should by all means proceed with green energy—such as offshore wind, in which we lead the world, in the North sea off the Lincolnshire coast—but we should also keep an open mind about new extraction from the North sea. I was listening carefully to what she said to the shadow Chancellor. Will the Chancellor confirm today that the Energy Secretary will keep an open mind when he considers these licences, so that we can guarantee our resilience in the future?

[Rachel Reeves]

I thank the right hon. Gentleman for his approach and for his question. The oil and gas industry plays an important role in our energy system and will do so for decades to come. We very much welcome the jobs that it creates, the tax revenue that it provides and, most importantly, the energy security that it offers. In my Budget, I set out the new North sea oil and gas strategy, which includes allowing the use of tiebacks or infills on existing sites. For the reasons I have explained, the Secretary of State for Energy Security and Net Zero now has to take a quasi-judicial decision on Rosebank and Jackdaw. He will, of course, approach that decision with an open mind because this Government recognise the importance of our oil and gas sector.