Stories

Wed, 21 Oct 2026

Wed, 21 Oct 2026 The 'trillion pound' oil fund the government believes Britain could have built

For the first time, the Treasury calculates how much the UK could have raised by investing North Sea proceeds.

* £2bn diverted from National Wealth Fund to Energy Wealth Fund
* Chancellor Healey announces creation of Energy Wealth Fund, citing Norway's successful model
* UK's missed opportunity: what could have been if historical North Sea receipts had been invested?
* Estimated trillion-pound value of potential British Sovereign Wealth Fund based on internal Treasury modelling
* Fund will be run differently from Norway's, with a focus on domestic green energy investments
* UK government promises to divert new revenues into the fund, but its performance may not match Norway's
* Energy tax revenues forecast to dwindle as North Sea production slows
* Jackdaw gas platform and drilling rig in the North Sea expected to provide significant gas supplies