Business · 4 hours ago

Healey Says UK Missed £1tn North Sea Oil Fund

Lauren Hurley / No 10 Downing Street, OGL v3, via Wikimedia Commons

Chancellor John Healey has said that Britain could have built a sovereign wealth fund worth around £1tn if North Sea oil money had been invested from the 1980s, as Norway did. Treasury modelling assumed £200bn of past receipts grew without withdrawals. Healey announced a new Energy Wealth Fund, seeded with £2bn from the National Wealth Fund, alongside Wednesday's government approval for the Jackdaw gas field.

By BriefTea Editorial · 22 October 2026 at 6:11

Reported by BBC News · How we write briefs

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