Actually, just bad history:
The Norwegian people now own one of the world’s largest investment funds – so big that it provides a fifth of the nation’s budget year on year. This is in large part because it directed profits from its North Sea oil and gas fields into a sovereign wealth fund. The UK could have done the same. But we allowed private companies to take all the profit.
No, not really.
Tax on UK N Sea oil wasn’t markedly different from Norwegian tax on N Sea oil. Not per barrel – but there were, relative to population, vastly more barrels available to the Weegies.
The other big difference is that the Weegies saved it all – absolutely none of it was spent in the domestic economy. Brits spent the cash in the domestic economy. Rewind to the 70s and 80s. Would it have been politically possible to insist that N Sea oil tax revenue not be spent in the UK economy?
No? Then the current if onlys aren’t being historically accurate, are they?