Fracking 'potentially a remarkable opportunity' for UK

Fracking could "potentially" be a "remarkable opportunity" for the UK to develop a new industry which would create jobs and deliver greater independence from the global energy market, a leading member of the House of Lords said.

Lord MacGregor, the chairman of the Lords Economic Affairs Committee said:

The Committee strongly supports the Government's decision to go 'all out for shale'.

But here in the UK we have not yet left the starting gate.

Developing a successful shale gas and oil industry in the UK must be an urgent national priority.

Potentially it's a remarkable opportunity for this country.

We're calling for streamlining not weakening the regulation and we believe the Government needs to get its act together faster and more comprehensively.

– Lord MacGregor

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Developing fracking 'an urgent national priority'

Building up the UK's fracking industry should be "an urgent national priority" in order to create jobs, make Britain less reliant on foreign energy supply and cut emission, Lords have said.