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The Impact of Fracking

Posted by
15 Jan 2014

Over the past 6 months, stories about the UK energy market have found itself on the front page of all tabloid newspapers. Early 2014 arrives and it seems little has changed - the big difference being that instead of the media focusing on rising bills, they are instead talking about the revolutionary new fracking process.

David Cameron has today announced plans that "English local authorities would receive all the business rates collected from shale gas schemes - rather than the usual 50%."

This has prompted major debate amongst local communities where fracking is proposed and with environmental organisations such a Greenpeace, but what impact will this process have on the economy of the UK and the communities where fracking becomes a part of every day life?

One of the proposed fracking sites can be found in Gainsborough, Lincolnshire. French company Total have recently announced plans to invest £30 million on the site; this will fund the drilling of 2 exploratory wells and will signal the first major energy firm investment in the fracking scheme. It is estimated that, if successful, the Lincolnshire project will create 74,000 new jobs and extensive revenue to the local authority.

The above figures are mighty impressive and it is clear from both a social and revenue viewpoint the appeal that fracking offers to local authorities. However, an ethical problem is also apparent and eventually the question will have to be raised - what is more important, short term revenue and social gain or managing the unknown environmental issues that fracking brings?

From a recruitment perspective, the fracking process will bring additional jobs and will trigger growth in the communities where firms launch themselves. I feel that organisations such as Cuadrilla and Total will have extensive finance projects cropping up that will require new interim and permanent resources. The green question then lies with candidates as to whether they can morally work for these organisations.

I'm sure this will trigger debate across the UK for the foreseeable time and I look forward to seeing what these areas decide.

How do you feel about the current debates around fracking; will it provide the estimated number of jobs and allow many people to enter the working world, or will the environmental issues overshadow these potential gains? Leave your thoughts and comment below.

Tagged In: Events, Finance, Recruitment
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