MarjorieR on Nostr: npub14cq9a…hnqec npub1g0tuf…3tvm4 my take is that it was a combination of ...
npub14cq9ap3p0q5vx3xdfjukj2tn5kpggnutx0d2mwa3xfu25ccl5gvqphnqec (npub14cq…nqec) npub1g0tuf634rz4suczwj7kgnecr6cyt0eu9xmp3sp0fku68mqehq4msp3tvm4 (npub1g0t…tvm4) my take is that it was a combination of Thatcherite neoliberalism and how we dealt with North Sea oil and Gas.
Basically we splurged the money from our oil and gas bonanza, unlike the Norwegians who saved much of it in a fund for harder times.
We drove up the exchange rate and bankrupted the long tail of less competitive industries.
And the 'dash for gas' burnt up that resource too quickly. This also fooled us into thinking we had solved how to decarbonise the economy.
Basically we splurged the money from our oil and gas bonanza, unlike the Norwegians who saved much of it in a fund for harder times.
We drove up the exchange rate and bankrupted the long tail of less competitive industries.
And the 'dash for gas' burnt up that resource too quickly. This also fooled us into thinking we had solved how to decarbonise the economy.