North Sea oil and gas: what is the new licensing scheme, and will it cut bills?

Rishi Sunak signalled changes in the king's speech that create a policy divide with Labour

The government has confirmed its plans to grant new North Sea oil and gas licences every year at the opening of parliament, deepening a political fault line between the Conservatives and Labour, and angering environmental campaigners who argue it undermines efforts to reach net zero. Here, we examine the move.