Gulf petrodollars are a destructive addiction – the UK must kick the habit | David Wearing
by David Wearing from on (#3Z0MV)
The flow of Gulf capital into Britain stifles the development of more sound economic policies and keeps us too close to some of the world's worst regimes
This month marks 10 years since the financial crisis turned into a full-blown crash, and 10 years since the purchase of Manchester City Football Club by the royal family of Abu Dhabi. What links the two is the flow of revenues generated by the sale of oil and gas ("petrodollars") into Britain from the Gulf Arab monarchies - principally Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. The role of Gulf petrodollars remains the untold story of the financial crisis and of the continuing dysfunction of late-period neoliberalism in the UK.
Related: Ten years after Lehmans, it's as if we've learned nothing from the crash | Aditya Chakrabortty
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