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Is Scotland benefitting from it somehow? Truly astonishing that nothing like the Norway model was done. Those oil reserves could’ve transformed the country, su
by kranke155 3y ago
Is Scotland benefitting from it somehow?
Truly astonishing that nothing like the Norway model was done. Those oil reserves could’ve transformed the country, surely?
- arethuza 3y agoThe North East of Scotland around Aberdeen certainly did benefit from the oil and gas industries. However, I doubt if this made up for the collapse in heavy industries elsewhere in Scotland.
- smcl 3y agoWell parts of Scotland are. As arethuza said, in the North East of Scotland saw some local benefit. A few people became very wealthy, and many people hopped up one or two social classes through the jobs that were created (and bought nice cars + homes, sent their kids to nice schools). But it wasn't anywhere near the sort of multi-generational wealth that Norway built up. Shetland managed to do a little bit better and built up a pretty sizeable fund (something like GBP20k/resident), but I'm not super familiar and don't know what they do with it.