27.03.2014 - UK spent its oil legacy: Norway couldn’t
Norway thus created what is now the world’s largest sovereign wealth fund at $840bn. It’s almost three times the size of the Kuwait Investment Office and that oil-rich state started building its nest egg 60 years ago. Britain, by contrast, just poured its oil revenues into healthcare, education and other government expenditure. The UK has no sovereign wealth fund. Without the oil, our budget deficit would be even bigger, but we, unlike Norway, have 60m-plus people demanding a share.......................................Full Article: Source
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