[heurisko]

The UK also benefitted from North Sea oil, but unlike the Norwegians, we don't have a sovereign wealth fund.

Some suggest the money raised went towards tax cuts and contributed to house price inflation. [1]

Although I'm not sure about house price inflation, as there has been similar inflation in Canada and Australia.

[1] https://www.theguardian.com/commentisfree/2014/jan/13/north-...

[billyruffian]

It really rescued Britain from the financial mire it found itself in the mid 70s when the country was bust and had to go the IMF. It paid for the economic restructuring which was desperately needed. Dominic Sandbrook's books (Seasons in the Sun: Battle for Britain, 1974-1979 and Who Dares Wins: Britain, 1979-1982) cover this in some detail.