UK’S ‘diabolical job’ in managing oil wealth

Sir, – Reports state that the Norwegian Wealth Fund has gained £140 billion in the last year, and is now worth £160,000 for every one of the 5.3 million people in Norway – men, women and children.

They don’t spend this, but invest it for the future of their country, and now own 1.5% of all the company shares in the world.

Yet Scotland, which discovered oil in roughly the same area, at roughly the same time, in roughly similar amounts, is, according to the UK Government, a basket case, kept afloat only by UK beneficence.

And the UK itself is into its second decade of austerity, and heading for a disastrous no deal Brexit.

How could this be? Well, the oil business is the responsibility of Westminster, and it is pretty obvious that it has not done a good job of managing this massive, unexpected bonus.

But it is not as if it has just done a bad job, it has done an absolutely diabolical job. Instead of a massive oil fund to benefit the nation, the UK has massive debts.

In 2015-16 Norway made £95bn from oil, while the UK actually lost money.

Of course, depending on where you are coming from, this is not all bad.

If you are an ordinary UK taxpayer it is bad; but if you are a rich oil company, with powerful friends in high places, then clearly this is great.

It is not accidental, and it is no coincidence that the UK is a world leader in tax avoidance, tax evasion and money laundering.

The Norwegian government govern for the benefit of the

Norwegian people, using the interest from their oil fund income to invest for the future, in the infrastructure of the country, and the welfare of their people.

The Westminster Government governs for the benefit of the rich and powerful, with the result that they have become immeasurably richer over recent decades, while the mass of the population struggle with low wages and job insecurity, and the poor rely on foodbanks.

Les Mackay. 5 Carmichael Gardens, Dundee.