Norway’s $885bn-nil advantage in Britain’s sea of social troubles

North Sea oil could have helped tackle the NHS crisis and pension liabilities by contributing to a sovereign wealth fund

One of the most famous pieces of football commentary came at the end of a match in Oslo more than 35 years ago in which unfancied Norway beat England 2-1. Few fans could now name the Norwegian commentator, Bjirge Lillelien, but plenty remember the rant and how it ended: "Maggie Thatcher, can you hear me? Your boys took one hell of a beating."

The humiliation for the boys with three lions on their shirts took place in 1981 during the early stages of a North Sea oil boom that benefited both Norway and Britain. Norway decided that it would set up a sovereign wealth fund - a piggy bank for the people - so future generations would reap the benefits of the unexpected bonanza. Britain did not.