North Sea Oil | What happens when it runs out? | Oil Revenues | TV eye | 1986
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- Опубликовано: 11 сен 2024
- This is a cut down to the original version
North Sea oil put 20 Billion pounds into the economy - 'TV eye' looks into what exactly happens to the money. And what will happen when the oil runs out?
First shown: 03/03/1986
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Quote: VT35118
1:40 to 2:20 I just checked his guesses and they were all correct about unemployment and balance of payments. That Cambridge professor correctly predicted three consecutive decades of the UK economy!! Mans a genius, wow!
There are some very disturbing parallels between this documentary, and what we see today in Australia's mining industry. What Norway has done with their North Sea Oil & Gas reserves (established a sovereign wealth fund for when it runs out, and invested in domestic industry to future-proof it), is exactly what we have not done. If mining stopped tomorrow, Australia would be finished, and no more relevant than New Zealand or the Pacific Islands in the world arena.
I love the channel ident! I just about remember it from my childhood in the early 80s.
Thames TV, why on earth would you cut out original material? Release these in their original form.
Instead of creating a sovereign wealth fund we frittered the billions away on tax cuts
Create your own wealth fund.
@Minix Tvbox Yes.
Drill baby drill...
The Norwegians got things right from the get go and now it's too late for the UK to do like wise.
I stay in Aberdeen and it’s terrible how little money has improved the local area. Rents etc is really expensive, services aren’t nowhere near as good as the should be considering
It all goes to englistan
So, what would the SNP do with that revenue?? They would use it to bring in more "New Scottish "people, and not a penny of it would benefit the average Scottish person.
Good to see something with Wynne Godley, shame he died so we can't see his opinion of Brexit.
He wanted the UK to be outside the EU so that tariffs could allow Keynesianism to work properly by preventing balance of payments holding back growth when trying to run the economy close to full capacity
Shows how impossible it is to predict the future. UK was a net exporter of oil under 2005, not 1995. And there was hardly a "balance of payments" crisis. Who coudl have predicted the massive Chinese demand for oil back in 1985.
faaaaar too many adverts....
adblock
Better to get UBlock Origin and Sponsor Block.
@@solonsolon9496 Ghostery also works well too.
5 million norwegians vs 65 million Brits hardly comparable
Nice one Bill.
Every penny of the Oil money has gone towards building the post-war London skyline. Nothing happens to the country when the oil runs out, because it was never invested anywhere outside of London in the first place.
@J B That's not oil revenue. It's the money still being stolen from hard working English taxpayers for socialist Scotlands multitude of drug addled benefit scroungers. I think they should tow Scotland up to the Arctic Circle and sink the bugger. We'd all be minted ha ha!
Spot the chippy Scottish Separatist, still blaming the English for all your failures....
@J B It's only better funded because the Tory govt. fund their dinner party guests tax cuts.
@J B The Tories could easily fund free uni education, free prescriptions and a better funded NHS but instead choose to fund themselves, their friends and non-existent ferry companies, failed track & trace apps and the list is endless.
@@Dr.D00p You seem to be hearing things that nobody has ever said. There's a word for that.
@12:35 the keyboard operator is literally typing strings of jibberish on the keyboard and the computer is responding with error messages. I though the tying was fast !
"literally"
Nice one Bill
New reserves are still being found.
@23:35 worst recession? Hold my beer...
4:05 This is said a lot in hindsight.. didn't realise people said it at the time as well :( Huge country decline that could've been avoided
isnt this just before the recession?
Keeping the hoax alive!!
the Cambridge don was living in the past. The services sector became enormous, dominant and IS the british economy with Margaret´s big bang.
WMD
I’m Still waiting for the wealth to filter down to me. 😉
@J B The U.K. wealth was given to the 1% to store away in off shore bank accounts, your ignorant comment is funny though lol. 😂😂😂
@J B I can except you ignorant faulty right wing perception of me and my political views, keep on living in your right wing dream fantasy land, how did Trump do in the USA elections lately😉, the conservatives have made the U.K. weaker, Brexit is a disaster and will be a disaster In the future, but your to ignorant to see it, just go and do the maths, the U.K. will be worse off in the long term, the conservatives may have brainwashed you with there mainstream media friends but not me numbnuts.
@J B Yep that’s a typical ignorant answer from the right wing, unable to go of and do the maths regarding Brexit, all the right wing conservatives have to offer is Brainwashed ignorance hate and racism. 🤢🤮
@J B More faulty fake news, typical brainwashed right wing conservative garbage.
@J B Stop spread your right wing Hate ignorant racism fake garbage news with out any facts on the comment section in RUclips, try leaving your mums basement and contributing to society for once, maybe learn some maths, and stop scapegoating and gaslighting you fool.
Oh my, all doom and gloom! So what happened?
They found more oil, including the largest reserves ever in the North Sea, in 2001. But by then it didn't even matter because the UK was not as dependent on oil (and certainly not manufacturing) for revenue as it was in the 70s to mid 80s because service industries grew exponentially, accounting for 79% of GDP in 2019.
In short, the UK economy was and continues to be just fine under a mixed and largely capitalist-led economy. It's certainly not a perfect system. Many people north of London found themselves in blighted communities, with generational unemployment and all of the associated festering problems associated with it. There were plenty left behind, floundering in the wake of Thatcher's tidal wave of prosperity and deregulation. But there were plenty of winners too. It's a complex socio-political question lacking a single answer.
What is clear, is the massive amounts they were talking about investing in manufacturing would have been disastrous. Like throwing money into a bottomless pit with no real hope of it doing any good. As it was, the huge amounts paid in an attempt to save the British car industry for example, was largely wasted, discouraging innovation, efficiencies and competitiveness; all factors already too apparent and ingrained, only putting off its inevitable demise.
.... mmm .... hopefully not a load of useless windfarm eyesores ....(30 odd years later) doh!
When? Lol a new oil field has been discovered west of Shetland. Hence the mass panic of englistan at the prospect of inevitable Scottish Liberation,which will lead to bwitains bankruptcy
Yes, but what the nats fail to mention is who indeed will own the production rights. I persume it will be BP who barely pay any tax here in the uk, let alone in Scotland. But they will be allowed to get away with it as long as banker blackford and is mob are given a few slices of pie via an account in the Cayman Ilse. In the meantime Scotland will pay dues to the bank of England for keeping sterling as it's currency, the oil will be priced via the disasterous petro dollar which is now beholdant to Russian and Saudi manipulation. Scotland will then only be propped up via gigantic borrowing which will then see it indebted to regimes who will show no remourse In exploiting the nation's infrastructure at the expense of the Scottish people. Due to keeping the Stirling (you will have no option as no other currency will allow you to peg) interests rates will be high for the average Scot to borrow. You will have to borrow from else where for better rates. (Don't get me wrong) There will be five or ten years or so of good Times and prosperity, but once the payment defaults come to roost, it's then 2008 Greece all over again. Except this time you will owe money to nations who will have no regards for Scotland's people. Look at the vast majority of nations who run Thier economy from oil alone. They are all poverty stricken dictatorships with no standard of living. Be careful what you wish for. The only little bit of salvation you will have, is the fact that spain and France will vetoe your entry Into the EU as a deterrent. A deterrent purely exhibited just to show basques and Catalonians that secession is not successfully possible. That alone will keep you out of more debt that the EU loves to get it's member states into.
Dutch disease
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