King’s Speech: Ministers ban North Sea oil and gas exploration
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The UK government has announced a ban on new oil and gas exploration in the North Sea, as stated in the King’s Speech during the state opening of Parliament. This decision is part of the Energy Independence Bill, aiming to enhance energy security and fulfill a Labour party manifesto pledge to transition to clean energy by 2030. Critics argue the ban could harm the economy and increase reliance on foreign fossil fuels, especially amid rising oil prices due to geopolitical tensions. Opposition parties have vowed to overturn the ban, citing potential tax benefits and energy independence.
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