[ticks]

The UK was in a bit of a crisis in the late 70s, early 80s - at risk of becoming bankrupt from the reliance on unreliable coal and imported oil.

That's the main reason why I think the North Sea reserves were gorged. A major shift was made to gas generated electricity (as well as being plumbed directly into homes) and a long term hope that nuclear was the future, which hasn't happened yet.

It essentially got the country through the 80s and 90s, and allowed a difficult transition towards services in time for globalisation.

[arethuza]

That transition to financial services worked out well!

[ticks]

Indeed. Though manufacturing for anything other than the high end had little chance of succeeding due to East Asia and Eastern Europe. It will eventually return once oil prices reach a certain level.