UK Energy Secretary Vetoed Plan to Boost Oil Output for Defense Funds

UK Energy Secretary Ed Miliband has vetoed a plan by the Treasury to boost North Sea oil and gas drilling in order to fund part of Britain’s increased defense funding needs, The Telegraph reported on Thursday, citing a government source. As the UK plans to increase funding for military programs and rearmament amid heightened geopolitical tensions, the Treasury has proposed a plan to boost drilling in the UK North Sea and use the higher tax revenues from said drilling to fund part of the $24 billion, or £18 billion, the Ministry of Defence seeks for military purchases. The plan was…