A new report released last Wednesday by the Institute of Directors has indicated that the shale gas development could create thousands of jobs, reduce imports, generate significant tax revenue and support British manufacturing.
The report Getting shale gas working, supports the view that shale gas will be both economic and environmentally beneficial.
Colin Taylor who is the Senior Economic Advisor at the IoD and author of the report said:
“Shale gas could be a new North Sea for Britain, creating tens of thousands of jobs, supporting our manufacturers and reducing gas imports. Further exploration will be needed to assess the size of technically and commercially recoverable resources. At the same time, partnerships need to be established between industry, government and communities to ensure that development of this vital national resource benefits local people.”
The IoD report claims that:
- Investment in shale gas could peak at £3.7 billion a year which would support 74,000 jobs. This would allow jobs to be created in parts of the country, such as the North-West which has been badly hit by the recession.
- Shale gas will not only support geologist and drilling specialists but also construction workers, cement manufacturers and people working in local retail and service industries. The report also claims that shale gas could support the chemical industry and wider manufacturing.
- Shale gas production could generate significant tax revenue.
- By 2030, shale gas production could reduce gas imports by up to 37%.
The IoD findings claim that global emissions will also be lower if the shale gas supports the production of chemicals and other goods in the UK.