Farrukh

implausibleblog.bsky.social

18 August 2026 10:27

President Trump on his conversation with Labour's Andy Burnham, "I think he's going to open up the North Sea.. If they open up the North Sea the UK would be rich again" Putting aside environmental issues..

Farrukh

implausibleblog.bsky.social

18 August 2026 10:27

Opening the North Sea to new oil and gas could generate around £165 billion by 2050, but that is not government revenue. After investment costs, tax allowances, operating expenses and decommissioning relief, the additional tax received by the Treasury would more plausibly be around £20–50 billion

Farrukh

implausibleblog.bsky.social

18 August 2026 10:27

Rejoining the EU could eventually restore approximately £45–50 billion a year in tax revenue. This could produce approximately £750–950 billion in additional tax receipts by 2050, or roughly £300–600 billion net after paying EU budget contributions.

Farrukh

implausibleblog.bsky.social

18 August 2026 10:27

Therefore, on central estimates, rejoining the EU could deliver around 10–25 times the net Treasury benefit of opening the North Sea. Put simply, additional North Sea production might recover roughly the equivalent of only one year of the tax revenue currently being lost because of Brexit.

Farrukh

implausibleblog.bsky.social

18 August 2026 10:27

If the objective is to make the UK rich again, North Sea isn't the way, rejoining the EU is the way