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We do world class recessions
- Thread starter SirGalahad
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"The prime minister of Norway asked why the UK would want a relationship with the EU that's similar to the one her country has with the bloc."
So Norway are not on the EU then
Rather stupid selective quoting, but not surprising...
So how did they run their economy?
Oh look...
"Norway (unlike the UK) chose to run it's economy regardless of it's oil wealth, and thus has accumulated one of the the world's largest sovereign wealth funds.
The UK of course went off (in the time honoured fashion) and decided to reward the richest in society and sell off it's national assets!"
But just to help you out in simple terms, they put away their oil revenue for a rainy day whilst the UK spaffed it all away!
“Central to our plan to fix the public finances is the sale of Government assets to help pay down the national debt and ensure economic security for working people."
Treasury spokesman.
“That’s why we’ve set an ambitious target to sell £5 billion worth of assets by 2020, which will put us on track to meet our target.
Treasury spokesman.
See? It was all done to help the poor and needy.
Transport Minister Robert Goodwill hailed the sell-off as “an excellent example of how we are reducing the deficit and delivering lasting economic security for working people”.
Since 2008-09 UK oil and gas revenues have fallen from £10.6 billion (0.7 per cent of GDP) to £1.1 billion in 2018-19.
Norway is in the global top 7 exporters of crude oil. The oil and gas sector constitutes around 18% of Norwegian GDP and 62% of Norwegian exports in 2018.19 M
Slight difference in 0.7 percent and 18 percent boyo.
What the fook is it that you think the UK spaffed 0.7 percent on?
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i havent read any real amount off this thread [about 5 posts ]
if you are going to talk oil and putting money away for a rainy day you need to take the whole period of 50-60 years where oil was pence per barrel to harvest where as the last few dregs cost many pounds to harvest by comparison
if you are going to talk oil and putting money away for a rainy day you need to take the whole period of 50-60 years where oil was pence per barrel to harvest where as the last few dregs cost many pounds to harvest by comparison
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So what do you mean by access to cheap labour? In the products we buy? Your argument as usual is all over the place.
Has globalisation lowered your wage?
You seem to be screaming at trade liberalisation as the main force in wages being lowered in the UK?
So your arguing for trade protections then?
The UK let private companies take most of the profits whilst Norway's oil industry was majority state owned...
Norway's Sovereign wealth fund - over $1 trillion
UK's Sovereign wealth fund - zilch!
I'm not saying that Norway haven't handled their oil revenue better than us, they clearly have. But those figures are disingenuous insofar as North Sea Oil was taxed so highly at one point in this country that exploration and production almost ground to a halt. What happened to that tax revenue? I don't know, perhaps it was used to fund a better lifestyle for people coming here in dinghies, who knows?
I think you'll find that the money went to people who could afford sailing their large yachts to their tax havens
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