| Topic: | Re:Re:Re:Re:Re: Drill Baby Drill | |
| Posted by: | Andrew Jones | |
| Date/Time: | 20/03/26 09:03:00 |
| To be fair, there is a hell of a lot of info in the article that was linked to, but a couple of take aways. The UK privatised its oil industry while Norway didn't. The revenues from privatisation in the UK were used to fund tax cuts, but at the expense of loss of future potential income. Population of UK a lot larger than Norway's ( more than 10x) Norway is high tax, UK is low tax. Interesting comment about the EU which I'll cut and paste: Interestingly both Norway and the UK have had referendums to reject membership of the European Union. Ironically, the voting majority was almost identical 48:52. Yet, there was a huge divergence between the two countries on what independence from the EU meant. Norway has taken a very practical approach, joining the single market, customs union, and having near economic harmonisation. The UK took a 52:48 vote to go the other extreme, leaving the single market, and customs union. It’s another factor that has hampered UK economic growth in recent years. |