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True. Essentially it was so the moment the fund idea was not successful. Benn was a politician I respected enormously. I didn't often agree with him, althoug
by anexprogrammer 10y ago
True. Essentially it was so the moment the fund idea was not successful. Benn was a politician I respected enormously. I didn't often agree with him, although on this I did, but he had rare integrity for a politician.
"Even though the U.K. extracted nine per cent more oil and gas by 2011, they collected $156 billion less in petroleum taxes and royalties than the Norwegians"
Interesting link, closing sentence says it all really.
- notahacker 10y agoThe major difference between how Norwegian citizens have benefited from oil extraction and how British citizens have benefited from it is still less a matter of policy differences and more a matter of oil extraction per capita though $156 billion sounds huge until you divide it by a population averaging 60 million and make it accrue over 40 years.
- anexprogrammer 10y agoSuch is national scale finance. We can cut it up to sound worthless, or make it sound like a fair chunk of change. Would have bought a lot of infrastructure or regional development. Perhaps most relevant to today, it's 1/8 the national debt. That's quite a lot to just leave on the table. Per capita? That's where the Scots, especially SNP, angle starts. They do have a similar population to Norway after all...