British industry has paid a £3.5bn premium on its energy costs under the Conservatives, Labour has claimed, weeks after Sir Keir Starmer said he would ban new oil and gas exploration in the North Sea.

UK companies are paying 62pc more for energy than the international average, the Opposition said, based on comparisons of prices from 2021 before the outbreak of war in Ukraine sent fuel costs rocketing.

Its analysis indicated the Conservatives have failed to match Labour’s record in office when industrial energy prices were just 8pc higher in Britain than the European average.

Labour accused the Government of failing to capitalise on advances in renewable technology a week after the Prime Minister announced hundreds of new North Sea oil and gas licences to improve Britain’s energy security.

Rishi Sunak warned on a visit to Aberdeenshire that Labour’s ban on new North Sea licences will force up household energy bills.