BP's decision is the most significant example yet of how the North Sea industry is being crushed by the tax burden imposed by a series of governments and increased by Labour.

Prime Minister Andy Burnham hinted at a shift in Labour's ideological ban on new drilling, saying that at a time of tight government finances the North Sea was a resource 'we…

BP will sell its North Sea oil division after the government's tax raid on domestic oil, leaving the energy giant without home production.