Treasury: UK could have built roughly £1 trillion North Sea fund
UK Chancellor announces £2bn Energy Wealth Fund after Jackdaw gas project. PR gesture. UK squandered North Sea wealth in tax cuts for corporations and the rich. Norway didn't, has $2.4 trillion sovereign fund. UK govts fight class wars, long-term neglected.
PWCoghlan12Another Margaret Thatcher legacy for the generations akin to selling off national utilities for the benefit of Tory party donors, taking lifetimes to undo & reengineer
Cassandra 🏴🇪🇺🌐9”North Sea wealth” is a euphemism for Scottish wealth.
Eddie6We just made a select few wealthier than some countries and ended up with a few trillion in debt, cheers Thatcher.
Alastair #FBPE 🇪🇺🇵🇸 🇺🇦🇨🇦6The effects of neo-liberalism under the ghastly #ToryScum matriarch Thatcher.
But how is this possible? Scotland was told that there would be nothing left by now
WT3Scotland, the only country in the world that got poorer after discovering oil.
Max B 💙 🔶 🇺🇦 🇬🇧 🇪🇺11Yeah. Burnham should have followed the lead back then and not sold off oil and gas rights at the time. How careless of him. PR gesture or not, it's a start.
Felix Sylvestris8UK Government are patently showing Scotland any referendum chances are gone forever and it's control over Scotland is permanent. We are under the occupation of an exploitative, criminal conspiracy to defraud our nation of what is rightfully ours and our future generations. This is Better Together.
Marwood7£ Trillions. All gone to crony corporations.
Chris Smith4The truth is that Thatcher pissed away the oil wealth and the proceeds of privatisation on unemployment benefit in her class war to destroy organised labour. It was necessary to shut down a very large part of our manufacturing sector to kill off the unions. This was vandalism on a massive scale.
Siue Allen3And let’s highlight that Norway’s state backed energy company Equinor part owns Jackdaw, so U.K. resources go on making Norway a wealthy country.
Krishnan Guru-Murthy asks about the receipts from oil and gas going into Labour's Energy Wealth Fund, Tessa Khan, "The OBR made a forecast before the price spikes caused by the Iran war that by 2030, the tax take from the North Sea oil and gas sector, will be £0.1 billion" Labour is gaslighting
Jon Owen5£0.1 billion, that's all. So when Healey told ITV yesterday that he expects oil and gas revenues to contribute to a new energy wealth fund - implying that to balance the budget, we need both Jackdaw and Rosebank to go ahead - we now know why he omitted to quantify that: Because it's peanuts.
Marc327 jobs. And £0.1 billion in additional tax revenue. bsky.app/profile/impl...
Without a hint of irony, today, the UK Chancellor declared if Scotland's oil money had been better invested there would be a trillion £+ sovereign wealth fund. - Unionists tell us Scotland would be ruined without UK support. Utter bastards. That's our kids futures they have helped themselves to!!
John Oswald4Wee weasel Alexander on BBC Breakfast having a go at John Swinney and citing the Barnett formula then lying through his teeth about how this is going to impact positively on Scotland. He truly is a despicable creature
asparagusnextleft3If only they'd listened to Scotland fifty years ago.
Skyeboat 🏴1And the UKGOV is 3 trillion in debt. Totally incompetent, money laundering bastards.
🧵Every year The National does a series investigating Scotland's lost energy wealth - reporting on the McCrone Report, the resources exploited by Westminster, and looking at the Norwegian wealth fund to show how Scotland's immense capital was frittered away
Laura Webster3And every time we do it, Labour loyalists make fun of it. They say it's ancient history, it doesn't matter, the oil is running out now so why look at the past, they say it's conspiratorial thinking. Every single time
“Rebellious Scots” 😎🏴🇪🇺1🇬🇧 “You couldn’t mark that Brass-Neck with a blowtorch” Since the 1970s Scotland & Norway have drawn similar amounts of North Sea oil & gas 🇳🇴 Value of Norwegian Oil Fund : €2,100,000,000,000.00 🏴 Value of Scottish Oil Fund : £0 (🇬🇧All thanks to uk westminster Rule) 🏴 Are you YES yet ? 🇪🇺
Amid an eyebrow raise on new gas drilling, there is a welcome initiative- an energy wealth fund to support green infrastructure. Lots dependent on detail (new money? how much from drilling? what will it be used for?) But at least Net Zero is alive.
Anthony Painter4My basic instinct is that I can live with Jackdaw with this type of mechanism, if robust. Rosebank I'm much more sceptical about- unless pretty much all the tax revenues plus commitments from Equinor goes fully into robust green transition.
Disappointed Optimist1I do wonder if they are trying to play catch up with some Scandinavian countries by taking oil revenue & reinvest into sustainable. It’s one of a handful of options
Susan Eastoe1Agree plus even on the economics there is chance of Jackdaw providing gas within months (I am a tad sceptical about weeks) and tax revenues by the next parliament (again sceptical about it being before then). Rosebank is a long way away
The BBC saying the quiet bit out loud.. "The peak oil revenues were, in their view, frittered away in pre-election tax cuts, which ended up being spent on 1980s garden conservatories." £1tn (a million times a million) used to boost property prices, in the SE England. www.bbc.co.uk/news/article...
Alastair Παν 🏴🇬🇷🇪🇺2So while everyone in Norway has £340,00 in their wealth fund, and an amazing national infrastructure, Scots have nothing to show for the oil boom. Monbiot recently pointed out you can map the politics by the infrastructure in a country. Many vast power lines are getting built north to south...
Andy Munro1Well, there you have it folks, in black and white. Scotlands resources plundered to enrich the south east of little England. Better Together eh.
The UK has a sovereign wealth fund to ensure North Sea energy wealth is put to the public good. **Great news. So they started that in 1979? Erm, no. **1997? Erm, no - you don't understand.
Climate News2Sovereign death funds should not be called “sovereign wealth funds”. When sovereign death funds cause death, they should be called what they are.
Mark Hagen1econ historian lecturer I worked for when I was still at uni wrote his PhD on a comparison of how Norway and UK dealt with developing North Sea oil - absolutely shaped a lot of my thinking on these sorts of things. We can clearly see where the countries are at now.
Dave_58 🏴1C47 years after Nigel Lawson rejected proposals for a UK Oil wealth fund, the UK finally thinks about starting one. Meanwhile Norwegian Sovereign Weslth Fund could buy out Muskrat twice with $100Bns left over and the Shetland Charitable Trust’s holds c£480M from one BP Terminal! An absolute scandal!
