The Institute of Directors claimed the fledgling industry could create 74,000 jobs, more than double its previous estimate of the industry’s potential.

The business group said the industry, which involves the controversial process of fracking, could also help to support manufacturers and reduce gas imports.

The IoD report works on the assumption Britain has 309 trillion cubic feet of gas – equivalent to 100 years’ worth of demand – using estimates provided by leading exploration companies including Cuadrilla, IGas and Dart Energy.

Even if only 10pc of that capacity is technically or economically recoverable, the IoD says shale gas production could satisfy one third of Britain’s annual gas demand at peak output by 2030.  MORE