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by sgt101
2516 days ago
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The UK was more or less on it's knees in 1975, I think that without North Sea Oil there would be very little chance that it could have build the services economy and infrastructure it did in the 80's and 90's. I think that you also give our politicians too much credit in terms of managing a fund; remember that the UK was the biggest recipient of marshall aid after the war, and it spent it on patrolling an empire that it was clearly about to lose and subsequently lost. I think that politicians of both parties would have been very likely to raid any fund and use it for vanity projects. |
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UK was largest recipient of Marshall aid for having the most need along with France only slightly behind. Being used as you say for maintaining world power status, and into the general treasury fund. We spent less on infrastructure during Marshall aid than without! They pissed that away just like was done with all oil revenues.
Considering the vast majority of oil revenues went on empty tax cuts and benefit spending through Tory created recessions, I'm not sure we'd have noticed the difference. 1 or 2p off income tax barely registers. I know I noticed none of Lawson's tiny bribes. At all. :p
The politicians would not, and should not be managing it being better served as some sort of apolitical hands off trust. I don't think politicians manage Norway's fund. Now there is little doubt that it would not have survived the privatisation and asset stripping of the eighties on unscathed, but, like the NHS there's no reason to suppose it would have been destroyed. The Tories debated but chose not to re-privatise the NHS in 51. Thatcher had a selection of industries that were felt were beyond the pale that were subsequently privatised by later administrations. Created in 75 might have been a bit late for achieving adequate perception in the public consciousness so who knows.
Still, it remains one of the very many great missed British opportunities that could easily have been a couple of trillion or more by now. 15 years of additional contributions and growth. There's many nations have sovereign wealth funds now, we easily could have too.