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Shale Gas Extraction Revenues Could Be Held In A "sovereign Wealth Fund" For The North Of England

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This sounds very sinister. What they seem to be saying to the North is, the reason you aren't getting jam today is because this sovereign wealth fund is going to give you jam tomorrow.

The only sure way you know your going to get jam is if they give it to you now.

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Perhaps he really means a "not London" wealth fund - but it's still a likely story. Desperate policy announcements on a par with they're not going to pay that £1.7 billion to the eu on December 1st.

(With North apparently starting at Watford)

Edited by billybong

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The North of England is not Sovereign. So who actually gets the money?

Quite. The legal sovereign entity is the UK, and the UK has a truckload of gilts to repay. Given this legal reality, a sovereign wealth fund for the north of England would basically amount to a piece of paper in the UK Treasury coffers saying "We owe the North of England £xxx billion". A bit like National Insurance I guess: there is no fund.

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Apparently he did use the word "sovereign" so either he doesn't know what the word means or more likely it's just another con.

As there are several meanings of the word sovereign and as it's the LibLabCon there are some other possibilities including a "wealth" fund with a single gold coin in it.

Edited by billybong

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Mr Osborne said holding revenues in a fund was an "exciting idea".

Indeed - and he wouldn't be able to wait to fill out his expenses forms once the fund was full.

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If you look who is proposing it then you know who it will benefit.

It won't be the North(an unspecific term that can be interpreted in many ways). If I was Scottish and this was to happen I would be even more pissed off.

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Why don't they just take the money they would have spent on extracting the shale gas and just put it in the wealth fund?

You could have more money, no work, no pollution AND all the gas still left intact! What's not to like?

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