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Treasury estimates UK could have built trillion pound oil fund

Original: The 'trillion pound' oil fund the government believes Britain could have built

The Treasury has for the first time calculated how much Britain could have raised if it had invested North Sea oil proceeds in a sovereign wealth fund, putting the potential figure at around a trillion pounds. The estimate has sparked debate over decades of decisions to spend rather than save oil revenues, in contrast to Norway's fund built from similar resources.

Why now: Fresh Treasury calculations revive long-running arguments about how Britain spent its North Sea oil wealth

HM TreasuryUnited KingdomNorth Sea oilNorway

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• The 'trillion pound' oil fund the government believes Britain could have built · BBC News

  For the first time, the Treasury calculates how much the UK could have raised by investing North Sea proceeds.

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