Is Andy Burnham promising a new dawn for North Sea oil and gas?

Other options for Burnham include brushing Energy surplus levy (EPL), or windfall tax. This price increase was made when Russia started its invasion of Ukraine.

It has a 78% header on whether oil and gas prices are high or low.

He says the industry makes the North Sea one of the most attractive places in the world for investors, and there is strong evidence that investment has certainly dried up in those years.

In the year It is due to be replaced by another windfall tax in 2030, which operators like better, because it kicks in when prices are high and falls back when they are low.

With politicians furiously debating Jackdaw, Rosebank and new exploration licences, the industry wants the new Prime Minister to focus on EPL.

He is also likely to face the least resistance from environmentalists.

It aligns with the mission of Andy Burnham Reindustries by encouraging the kind of investment that creates and secures jobs.

But it is the least politically desirable option to take.

So what he does there will help the new prime minister decide whether to grab headlines or take real steps to stimulate the economy.