Kelvin mackenzie, and the former adviser to Jeremy Corbyn. James schneider, as always , i want to schneider, as always, i want to hear from you. You know what an important part of the programme it mail it is. Email me. Mail gbnews. Com. But now its time for the news of the day with polly it. Polly middlehurst. It. Jacob, thank you and good evening to you. Well, we start this bulletin with the news that a 15 Year Old Girl has died after being stabbed on her way to school in south london. An Emergency Services were called to wellesley road in croydon at around 8. 30 this morning. One eyewitness describing seeing a bus driver and a passer by trying to resuscitate her. She was a student at the private girls school old palace of john whitgift. But a 17 year old boy whitgift. But a 17 year old boy has been arrested. Police say he was known to the victim. Was known to the victim. This is every parents Worst Nightmare and i know the officers who responded this morning, along with our Emergency Service colleagues , Emergency Service colleagues, are devastated at the victims death. This is an emotion i share and i know people across croydon will be feeling the same way. The victims family has been informed and our thoughts are with them at what must be an incredibly difficult time. Incredibly difficult time. Five labour mayors from across the country have met in leeds today to urge the Prime Minister to stay on track with hs2. They warn that failure to hs2. They warn that failure to deliver in full will leave great swathes of the north with victorian Rail Infrastructure unfit for purpose. Rishi sunak faces a political backlash over reports hes considered axing the link between birmingham and manchester amid soaring costs. Manchester amid soaring costs. This company , gb news, has this company, gb news, has suspended its presenter, dan wootton. It comes after offensive comments were made by laurence fox during an interview on this channel during dan wootton programme last night. He made a series of derogatory remarks about the journalist ava evans , who is a political evans, who is a Political Correspondent for the news website. Joe presenter laurence fox has also been suspended with immediate effect and taken off air. In a statement, gb news called the comments totally unacceptable , adding they didnt unacceptable, adding they didnt reflect the companys values. Gb news has now made a formal apology to ms evans and launched apology to ms evans and launched a full investigation. The uks a full investigation. The uks largest untapped oil and gas field, rosebank in scotland , has field, rosebank in scotland, has been approved for development. Been approved for development. Thats despite a row over climate concerns regulators say net zero considerations have been taken into account, but scotlands first minister, humza yousaf , says hes disappointed yousaf, says hes disappointed the project has been given the go ahead. The uk government, however, has welcomed the decision, saying it will generate billions for the economy. The United Nations economy. The United Nations today rejected the home secretarys calls for International Law on refugees fees to be changed. In a speech in washington in the United States yesterday, Suella Braverman suggested the un 1951 Refugee Convention needed updating. She argued, fearing discrimination for being gay or a woman shouldnt be enough to qualify for International Refugee status. And lastly , a refugee status. And lastly, a yellow yellow weather warning is in place for most of the uk tonight, as forecasters have warned, conditions are going to worsen after the arrival of storm agnes, which is set to make landfall in the uk after already battering the south of ireland with Gale Force Winds causing damage to buildings , causing damage to buildings, Power Outages and travel disruption in the area. The met office has warned storm agnes may lead to an increased risk of flooding in some areas. Strong and disruptive winds are expected to last until tomorrow morning with the storm at its worst in about an hours time, 9 00 with gb news across the uk on tv in your car, on Digital Radio and on your Smart Speaker by saying play gb news. This is britains news channel. Today. Britains news channel. Today. The north sea transition authority, the oil and gas regulator, approved a drilling licence for the rosebank north sea oil field. This is really good and exciting news. I was Energy Secretary for all of seven weeks and one of the things i really wanted to do was to make sure we maximised the use of our own resources. So we didnt have to get them from other people. And this attracts international investment. Nonnays equinor , along with nonnays equinor, along with britains Ithaca Energy , britains own Ithaca Energy, will commence the £34 billion development, which is expected to yield about 300 Million Barrels of oil. This is a barrels of oil. This is a victory for britains economy and Global Energy security. The and Global Energy security. The project could create 6500 jobs, and with the effective tax rate of 75 on Energy Produced in the uk , it will raise a fortune for uk, it will raise a fortune for the treasury. Most importantly, it will boost Global Energy security not, of course, on its own, but as part of other countries and are doing more of this where we can because the more production that comes from outside opec or dictatorial states , the safer supplies will states, the safer supplies will be and the lower price rises, were often told by the likes of ed miliband that using Domestic Energy resources wont affect the price of energy because its sold on the International Market. But this is inaccurate. Yes, of course its sold on the International Market kit. But the International Price , as with the International Price, as with all pricing, is set at the margin, which means that a boost to supply high will lower prices rise overall as you know, saudi and Russian Oil Production has been affected and the saudis have cut production by more than a Million Barrels a day, which pushes the oil price up. And its at its highest since autumn of last year, when the cost of energy was is still in a crisis mode. And recovering from its peak. Mode. And recovering from its peak. Which is why its more peak. Which is why its more important now than ever that we need to boost whatever supply we can can from the democratic world to provide supplies to the International Market. It also helps our own economy because some of this oil will be used domestically and that part that is used domestically is cheaper and more efficient than imported oil because you dont have the import costs. Oil because you dont have the import costs. This applies to gas as well in britain. Gas suppues gas as well in britain. Gas supplies , about a third comes supplies, about a third comes from domestic resources. A third from domestic resources. A third comes via pipeline , mainly from comes via pipeline, mainly from nonnay. And the other third comes from liquefied natural gas. And the problem with natural gas, liquefied natural gas is the shipping costs, and thats coming from the United States and qatar. And it has to be liquefied and then regasified both of which use energy. So by both of which use energy. So by the time it arrives on land and is injected into the gas grid , is injected into the gas grid, its cost you more. And its had more emissions. And this is true that oil and gas, even if the supply doesnt make a huge effect on the International Price, it will save on the attached costs by using domestic supply. And it adds to a carbon efficiency, which is an interesting dilemma for the green lobby because they dont want to use our domestic oil and gas, even though using imported oil and gas increases co2 emissions. Chairman of Ithaca Energy, one of the investors, pointed out in terms of co2 emissions importing oil. Listen to this. Importing oil is roughly six times the amount of producing it locally in a new field. And importing gas can be field. And importing gas can be up to ten times as much as producing it locally. So the Prime Minister pointed out earlier this year when he announced new north sea licences , even in 2050, when we reach net zero, a second portion of our energy will still be derived from fossil fuels. Its net zero, its not absolute zero. And this is a simple reality and its why it makes sense to use our own domestic supply, provide cheaper energy, lower Carbon Emissions and make sure that we get the economic benefit rather than it seeping abroad. Of course, i want to hear from you. Dont forget to let me know your thoughts. And you know the email off by heart by now. Male mogg at gb news dot com. Im delighted to be joined now by bob policy director at the bob ward, policy director at the Grantham Institute at Grantham Research institute at the London School of economics. The London School of economics. Bob, thank you very much for coming in. Evening and good evening and congratulations again on your knighthood, sir. You. Thats jacob thank you. Thats extremely. Doesnt it make extremely kind. Doesnt it make sense to make sure that we use our resources first on the basis that 2050 is net zero, not absolute zero. So. So it would make sense if so. So it would make sense if what we did didnt make any difference to what happens around the world. But unfortunately, todays decision is a signal to all fossil fuel producers that you can carry on with business as usual because thats what the uk does. Its acting as if Climate Change isnt an issue and as if burning fossil fuels doesnt produce carbon dioxide. The economic carbon dioxide. The economic benefits , there are going to be benefits, there are going to be some investment benefits, jobs, benefits. These are good, but they are going to be outweighed by in the long term, by the damage to the economy of us being dependent on fossil fuels. Remember were at peak production in rosebank is expected to produce 70,000 barrels of oil every day. Last barrels of oil every day. Last year , Global Production daily year, Global Production daily was 93 million. So the production of rosebank will be 0. 07. That will make no difference to energy security, and it will make no difference to the global price of oil. It also wont make us more secure because 70,000 barrels a day is roughly 5 of our oil consumption. Even if the private consumption. Even if the private companies that own the oil decide to sell it to British Consumers rather than to the highest bidder abroad, actually , 5 is quite an important part of our demand. Its not trivial, but it wont make any difference given the decline in production from all the other fields in the north sea. Id go to your first point that this encourages other countries. You want the democracies around the world to be producing the fossil fuels. So were not dependent on the non democratic states. If you look at whats happened over the last few months, saudi arabia and has decided reduce and opec has decided to reduce production, pushed the production, which has pushed the oil up from, what, 70 ish oil price up from, what, 70 ish dollars a barrel to nearly 100 a barrel, having an effect on the whole global economy. We dont want to be held to ransom by non democratic states , do we . By non democratic states, do we . Yeah, but british oil being pumped now is being sold at that. Market prices controlled by remember , by saudi arabia. And remember, the oil is the saudi arabias oil is produced at much lower operating costs. Absolutely than than the north sea oil. And so it is not going to be controlled by what we do. So we do. S0 saudi arabia has the lowest cost of production of anywhere in the world. Thats thats absolutely right. But thats absolutely right. But that the more diversity of supply there is, the harder it is for saudi arabia by cutting a Million Barrels a day or 2 Million Barrels a day or 2 Million Barrels a day, the harder it is for saudi to control the price in that way, because youve got alternative suppues because youve got alternative supplies coming in and this is the lesson from the previous oil spikes in the 70s and the 80s that diversity of supply helps keep pricing diversity supply might help. Might help. But remember, in 2019, even before the pandemic , the oil before the pandemic, the oil price was relatively low and we had relatively low petrol and diesel prices. There was no investment going into the north sea because the price of oil was too low. Our oil and gas in the north sea is only economic when consumers are paying high prices. Thats the problem at the moment is we have high prices. Remember weve had cost of living crisis partly triggered by the spike in natural gas pnces by the spike in Natural Gas Prices because of russias invasion of ukraine. But i dont really see that were disagreeing because this is the marvellous effect of the market that when prices are high, investing in the north sea is really worthwhile. Pay. Its not good consumers pay. Its not good news for consumers because it stops the price going up even higher if we didnt do higher that if we didnt do this, didnt add to this, if we didnt add to supply, its economic to do supply, when its economic to do so, price would way up so, the price would go way up above a barrel. Above 100 a barrel. Rosebank the decision about rosebank today will not protect us this winter. If we have a cold, long, thats obviously winter or in future winters because its not to going be significant. We will end up being vulnerable to increased in the global price of natural gas. And remember, oil and diesel Oil Prices Going up, petrol and diesel prices are going up at the pump, at the moment. We are not protected by the stuff we pump out of the north sea, but its no individual field will make a fundamental difference to the market. M arket. Market. But pricing is at the margin. And if investment in the north sea is economic and its economic in other countries with similarly high cost exploration, then that actually does bring then that actually does bring the price down because to your very first point, the rest of the world sees were doing it and follows. And this is really good news. Im sorry, thats not how, as you isnt how it you know, that isnt how it works its controlled by works because its controlled by a you as you admit, a cartel. As you as you admit, the organisation. Yeah. But they the organisation. Yeah. But they set the they set the Global Oil Price at the moment our dependence on fossil fuels is funding Vladimir Putins war machine because the money that were paying into the market, some of that goes to russia who are helping, who are working with saudi arabia to control the global oil. If you look at opec going right back the 70s, when the right back to the 70s, when the price has gone up and other participants come the participants have come into the market, monopolistic market, the monopolistic oligopolistic behaviour opec oligopolistic behaviour of opec has been undermined. So thats why its so important that other countries such oil as countries do produce such oil as they can to stop opec and russia have fingers where they want us. This is these supernormal. Yeah but remember this isnt the uk producing this oil. These are private companies as the majority in rosebank is majority share in rosebank is 80 is owned by a nonnegian company equinor yes, but were working really closely with nonnay. As you know , the profits are as you know, the profits are going to equinors owners, not to british owners , but 75 will to british owners, but 75 will come to the treasury. Well, they will get the theyll get some tax, but remember, we have been paying oil and Gas Companies in the north sea and all format. In fact, we were paying them more in tax rebates two years ago to help them decommission. So it is not a big bonanza for the british taxpayer being dependent. Tax rebates are something weve discussed before and is completely normal amongst all other companies. But bob, im afraid were going to have to stop. So you must come stop. Im so sorry you must come back again, because theres so much to discuss on this. Thank you much. Dont to you very much. Dont forget to let what you think. Male let me know what you think. Male margaret gbnews. Com. The margaret gb news. Com. After the break, the messages from our sponsors, secretary is sponsors, the home secretary is under once again. And under attack once again. And ill has ill be asking, has multiculturalism . Plus, multiculturalism failed . Plus, is supreme or. Youre listening to gb news radio. Radio. Welcome