26 October 2026 | StandbyScotland | Energy & Economy
Britain is a country rich in natural resources, engineering talent and industrial expertise. Why, when our economy desperately needs growth, are we not making greater use of what we already have?
Britain’s national debt has just passed £3 trillion. In the first six months of this financial year alone, the Government borrowed almost £98 billion and continues to spend more than it raises in revenue, adding to an already substantial national debt. With billions of pounds committed to servicing that debt each year, the pressure on public finances extends far beyond balancing the annual budget. It raises fundamental questions about the sustainability of government spending, the growing burden on taxpayers, and how future generations will finance the public services on which we all depend.
Beneath our waters lie valuable oil and gas resources with the potential to generate investment, skilled employment and tax revenues. Why, when our economy is struggling, do we spend billions of pounds buying energy from overseas? Exporting British crude oil to overseas refineries generates valuable export revenues, while domestic production supports jobs, tax receipts and investment across the UK economy.
Greater energy self-sufficiency should be part of the conversation about rebuilding Britain’s economy. Have we forgotten the value of what Britain can do for itself?
Jackdaw: A Welcome Decision, But Why Stop There?
On 21 October, the Government approved production at the Jackdaw gas field.
The project is expected to increase UK gas production by around 6% at its peak, safeguard hundreds of jobs and contribute an estimated £2.9 billion to the economy.
One field. Billions in economic activity. British jobs. Greater energy security. Yet the Government maintains its policy of no new exploration licences.
If one gas field can deliver such significant economic benefits, what further opportunities could Britain be overlooking by restricting future exploration?
Rosebank, west of Shetland, is another major development awaiting a decision. It is primarily an oil field, but it represents potential investment, employment and economic activity.
Meanwhile, Norway continues to study and explore its offshore waters and is still searching for tomorrow’s resources. Britain has decided not to issue new exploration licences. Why can we not learn from Norway’s approach to reducing emissions from existing production, investing in cleaner technologies and managing petroleum revenues for the long term?
At a time when our public finances are under enormous pressure, we should be examining the economic opportunities beneath our own waters rather than ruling out future exploration.
Grangemouth: What Happens When We Lose Our Industries?
In April 2025, Scotland’s last operating oil refinery closed, with around 400 jobs affected. We still have refining capacity elsewhere, but Scotland has lost a major part of its industrial infrastructure.
How many more industries, skills and opportunities can Britain afford to lose before we recognise their strategic importance?
The oil remains. The workforce, infrastructure and investment needed to develop it will not.
Energy Security Is National Security
Britain relies on gas arriving through pipelines and LNG terminals, alongside domestic production. But what happens if international supplies are disrupted? What if shipping routes become unsafe or critical pipelines are damaged?
Our own offshore infrastructure is not immune to disruption either. That is precisely why domestic production, diversified supplies and stronger storage all deserve attention.
Energy is essential to our homes, businesses and economy.
A country with its own resources should be working towards greater self-sufficiency, not accepting ever-increasing dependence on others.
The Environment Matters, but So Does Our Economy
Britain must continue investing in renewable energy and reducing its dependence on fossil fuels. However, the Government acknowledges that oil and gas will remain part of our energy needs for decades. That raises an important question: while we still need these resources, what role should domestic production play in meeting that demand?
Relying on imports has consequences for our industries, employment and exposure to international events.
Protecting the environment for future generations is essential. So too is ensuring they inherit a country with a sustainable economy, skilled employment opportunities and secure public finances.
Our responsibility is not simply to leave behind a cleaner planet, but to ensure future generations have the economic foundations on which to build their lives.
Putting Britain First Means Looking After What We Have
This is not about turning our backs on the world. International trade matters, and Britain will continue to depend on it. It is about recognising the value of our own resources, workforce and industries.
We have spent generations building expertise in the North Sea. We have communities whose livelihoods depend on that expertise. We have opportunities to generate investment, employment and tax revenues.
Those things deserve serious consideration before we allow further industrial capacity to disappear.
Britain is a great country. We should have the confidence to invest in our own strengths, protect our strategic industries and build a more secure future.
Because the question is not whether Britain should embrace cleaner energy. Of course it should.
The question is why, while we still need oil and gas, we would choose greater dependence on imports without fully examining the value of producing more ourselves.
standbyscotland.com | Independent political commentary
References
- UK Government — Jackdaw gas field approval, 21 October 2026
- North Sea Transition Authority — Jackdaw consent
- STV News — Grangemouth closure and job losses, April 2025
- Office for National Statistics — Public sector finances, September 2026
- Norwegian Offshore Directorate — Vast gas resources may lie here, 21 October 2026
- Institute for Government — Jackdaw and Rosebank