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television franchise as a ‘licence to print money’ (no longer the valid statement it once was). He went on to become a pioneer backer of North Sea oil, and later launched Thomson Holidays, Britain’s first package-tour operator. Subsequently he became the owner of The Times and the Sunday Times, and ultimately
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Scotland. 166 crew members and two rescuers lost their lives in what was (and still is) the worst catastrophe in the fifty-year history of North Sea oil exportation. One of the sixty-three crew members who survived was Andy Mochan, a superintendent on the rig. From the hospital, he told of being
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Hancock easily passed the course and was dispatched back to the London office, where he spent a couple of years analyzing the credit-worthiness of North Sea oil companies. That was considered a plum job, because the Norwegian and British oil industry was starting to boom. But Hancock was hungry for more. As
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’re focused on more than collecting baubles and living a lavish social life. Among nations, there is, for example, Norway, which took a windfall from North Sea oil, invested it carefully, and pumped some of the returns into one of the world’s most generous foreign aid programs.10 That striving after aspirations
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by Wolfgang Streeck · 8 Nov 2016 · 424pp · 115,035 words
.4, p. 54). Indebtedness rose by and large simultaneously, regardless of country, national economic performance, or the political complexion of the government of the day. North Sea oil made a difference for Britain, unification for Germany, the rise and fall of defence spending for the United States, but always only temporarily. Indebtedness increased
Essentialism: The Disciplined Pursuit of Less
by Greg McKeown · 14 Apr 2014 · 202pp · 62,199 words
rainy day. We can see an example of this in the way nations have responded to finding oil. For example, in 1980, when Britain discovered North Sea oil, the government suddenly had a massive windfall in additional tax revenues, to the tune of 166 billion pounds ($250 billion) over a decade.1 Arguments
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have yet to find an original source for the story and therefore share this only as an anecdote. 15. BUFFER 1. Guy Lodge, “Thatcher and North Sea Oil: A Failure to Invest in Britain’s Future,” New Statesman, April 15, 2013, www.newstatesman.com/politics/2013/04/thatcher-and
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-north-sea-oil-%E2%80%93-failure-invest-britain%E2%80%99s-future. 2. Dale Hurd, “Save or Spend? Norway’s Commonsense Example,” CBN News, July 11, 2011,
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fortunes of sterling have been a more broadly based factor in building up the City. In the late 1970s sterling rose sharply because of the North Sea oil bonanza and, in October 1979, the Conservative Government under Margaret Thatcher as prime minister abolished the exchange controls limiting the amount of currency that UK
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the United Kingdom—all consolidated democracies with advanced market economies. At this time Norwegians, protective of their national identity and flush with new revenue from North Sea oil fields, rejected membership in a referendum. Expansion did not always mean adding members to the Community. European states that maintained close economic links to their
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cent in real terms against the dollar in the two years to 1981. This over-valuation was initially due, in part, to the discovery of North Sea Oil which made Britain an exporting nation. But the persistently high pound has also been the result of explicit government policy to give preference to financial
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the upsurge in growth in 2013. True, this dismal performance – the slowest recovery on record – was partly because of the contraction in the output of North Sea oil. Nevertheless, the recovery had been very slow in coming. Moreover, the rate of growth still had not surpassed its historic trend. Furthermore, in the UK
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were far slower in coming. The UK’s austerity programme, launched in 2010, removed fiscal support for recovery and, together with the falling output of North Sea oil, adverse shifts in the terms of trade and rising domestic prices of imports, resulted in economic stagnation for a further three years. The outcome was
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