alt Hacker NewsThe UK had a tiny amount of oil compared to Norway if you adjusted by population so it’s not a fair comparison. Also I’m not sure the share of the revenue the British government was getting was massively much lower than the case in Norway.
The UK had a tiny amount of oil compared to Norway if you adjusted by population so it’s not a fair comparison. Also I’m not sure the share of the revenue the British government was getting was massively much lower than the case in Norway.
The UK government has had a huge income from the North Sea but unlike Norway we didn't invest it. We spent it as fast (or faster) than we received it. When modern Conservatives wax lyrical about Thatcher's economic miracle they seem unaware that it was mostly just oil revenue.