Labour's Chancellor John Healy thinks you're stupid, "Now is the time to make the most of our own homegrown energy through production from Jackdraw" My view: John Healey is dressing up a small boost to gas supply as a solution to the energy crisis. Jackdaw is expected to raise domestic gas production by around 6% at peak—equivalent to just under 4% of Britain’s daily gas demand—and operate for up to 11 years. The Government’s £2.9 billion figure is the project’s estimated contribution to the economy over its lifetime, not money that will be handed to households or taken off their bills. And because gas is traded in an international market, producing it in the North Sea does not mean British households get it at a cheaper price. It may add a little to supply security, but it will not shield families from global price shocks or make energy bills suddenly affordable. If Healey’s argument is that Jackdaw provides a limited supply boost, say that. But pretending “homegrown energy” means cheaper energy for the public is the sort of spin the Conservatives used to deliver.

If a Conservative Energy Minister said one thing in the morning, then a Conservative PM said another thing in the afternoon, Labour supporters would be pointing it out and criticising the Conservatives. But today, a Labour Energy Minister and a PM said opposite things, and Labour supporters seem indifferent. We complain about politicians for inaccuracies, but party loyalty is just as bad, and it demonstrates what people will sacrifice just as long as its their guy or gal, at the helm. How sad for our democracy. xitter.cf/implausibleblog/status…

Britain and Norway discovered North Sea oil in 1969. Norway created a fund and invested its petroleum revenues; today it’s worth about £1.7 trillion. The UK created no equivalent fund—Treasury modelling suggests a Norway-style fund might now be worth around £1 trillion. On the same gross-debt measure, UK debt is £3.18 trillion; Norway’s is about £273 billion. Different choices, very different public balance sheets. We have to do better as a nation 🙏

Alastair Campbell, "Andy Burnham has been telling the truth, that's for sure" "I don't think that anybody can say Brexit has been a success for the country" "It's done enormous damage to our economic interests, our trade interests, our soft power" "It's done a lot of damage and I think Andy Burnham is just opening the debate to say we now have to look at how best we fix this" "I do think there is an appetite and understanding that we've got to get closer to Europe" "Particularly at a time when China is so dominant and America is so unreliable" "Yes you can say you might have a far right government in France, the far right in Germany are doing very very well - I don't think that's an argument against Britain trying to reclaim influence over Europe" Paddy O'Connell, "There's only one man tonight who has invented a new word, what is Persevilience - the title of your book?" Alastair Campbell, "It is the capacity to turn any setback into a positive opportunity" My view: Alastair Campbell says Andy Burnham is telling the truth: nobody can seriously claim Brexit has been a success for Britain. It has damaged our economic and trade interests, weakened our soft power and left us with less influence at a time when China is increasingly dominant and America is increasingly unreliable. Getting closer to Europe doesn’t mean pretending every European government is perfect. It means recognising that Britain is stronger when it has a voice in shaping the continent’s future. And Campbell’s word for turning setbacks into opportunities? “Persevilience.” Brexit was a setback of our own making. The challenge now is to find the courage to fix the damage.

🇳🇴 Norway, yay oil and gas! Let's nationalise returns and in 2026 we'll have a £1.7 trillion sovereign wealth fund 🇬🇧 United Kingdom, yay oil and gas! Let's sell it off, and with it's scraps in 2026, add £100 million a year by 2030 (OBR) to an Energy Wealth Fund

Oh dear, Krishnan Guru-Murthy asks about the receipts from oil and gas going into Labour's Energy Wealth Fund, Tessa Khan, "The OBR made a forecast before the price spikes caused by the Iran war that by 2030, the tax take from the North Sea oil and gas sector, will be £0.1 billion" "That's not enough to bring down people's energy bills" My view: Labour is talking up an Energy Wealth Fund financed by North Sea revenues, but the OBR’s pre-Iran-war forecast put oil and gas tax receipts at just £100 million in 2030–31. That’s the projected tax take for the whole year — nowhere near enough to make a meaningful dent in energy bills. So when ministers suggest North Sea revenues can help bring bills down, where’s the money actually coming from?