The pair were joined by Christopher Hope when the breaking news came in. Interrupting the programme, Andrew revealed they had received “more bad economic news”. Christopher said: “It’s just breaking now. The OECD has released figures saying it has downgraded our growth forecast to 0.7 per cent from 1.2 per cent. That is the biggest hit to the growth of all G20 countries, not even G7.”
Andrew let out a huge gasp as Christopher revealed the hit is because of the ongoing conflict in the Middle East.
He added: “It goes back to the conversation yesterday in parliament – should we be drilling more of our own oil in our backyard?”
Mocking the Labour leader, Andrew quipped: “Our prime minister is not in charge of that. It’s down for the Secretary of State for Energy.”
Christopher clarified: “He’s choosing not to be in charge. He is in charge but he’s choosing not to be.”
Miriam weighed in: “In the Thatcher government, she had a massive windfall from exploiting the North Sea and North Sea oil revenue was responsible for 8 to 10 per cent of government income.”
Questioning what the prime minister would do with that, Andrew claimed he would “waste it”.
She added: “Some economists calculated that if we did exploit some of those fields, you could see tax revenue of up to five billion pounds. That’s half the school’s budget. It’s not nothing.”
Andrew agreed, arguing that it would give the UK energy security through accessing oil and gas “closer to home” as opposed to relying on it travelling through the Straits of Hormuz or from America.
He said during PMQ’s: “Let’s be clear, when Russia invaded Ukraine, energy prices doubled. The 12-day war, oil prices hit £100 a barrell. In the last four weeks, because we’re on the fossil fuel rollercoaster, everybody is being held to ransom. The only way forward is to go further and faster on renewables.
“The leader of the opposition’s approach is to outsource our foreign policy and let the US decide whether we go to war, to outsource our energy policy to Russia and Iran and let them set the price of energy. I will never do that because it’s not in the British national interest.”
