Rachel Reeves unveils oil drilling plan for North Sea

PoliticsBusiness & Finance
17 Apr 2026 • 5:49 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

Rachel Reeves unveils oil drilling plan for North Sea

  • Chancellor Rachel Reeves stated the government is working "intensely" with energy companies to open up "tie-back" sites in the North Sea, aiming to quickly boost Britain's oil and gas supply.
  • Ms Reeves and Energy Secretary Ed Miliband are developing plans to delink electricity and gas prices, addressing how high gas costs currently inflate electricity bills.
  • The Chancellor indicated she would resist further tax increases to fund defence spending, stating she had already substantially raised taxes and preferred not to do so again.
  • She defended the government's defence spending, highlighting it as the "biggest uplift since the end of the Cold War" and noting funds were reallocated from the overseas development budget.
  • Ms Reeves emphasised the importance of ensuring the 10-year defence investment plan is spent effectively to meet the country's security needs, rather than solely focusing on the total amount of money.

IN FULL