England V Norway: A Tale of Two Oil Discoveries?

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 701 Ratings

🗓️ 9 July 2026

⏱️ 41 minutes

🔗️ Recording | Apple Podcasts | RSS

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Summary

Norway turned North Sea oil into $2 trillion in the bank. Britain turned it into tax cuts, unemployment cheques and a housing bubble. We unpack the tale of two oil finds, why one country nailed it and the other blew it, and what it says about how nations really make, and lose, their fortunes.

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Transcript

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0:00.0	To understand the economy, you have to understand human nature.
0:06.4	This podcast is powered by ACAST.
0:11.7	England, Kempers' Fodenham, Lord Nelson, Lord Bebebrook, Sir Winston Churchill, Sir Anthony Eden,
0:22.6	Clement Attlee, Henry Cooper, Lady Diana.
0:27.6	We have slotted all together. We have slotted all together.
0:31.6	Maggie Thatcher, can you hear me?
0:34.6	Maggie Thatcher, your boys took a hell of a beating. Your boys took a hell of a beating
0:41.3	for Maggie Thatcher. Now, John, that was the famous, the infamous 1981. Norway beat England
0:50.0	2-1. Jorga Lilleham, who was the commentator of Norwegian broadcasting company
0:55.2	because your boys took a hell
0:57.2	of a beating.
0:58.3	Lord Bivarbrook.
1:00.2	Lord Bifabrook.
1:01.3	Clement Attlee.
1:02.9	Maggie Thatcher,
1:03.8	are you listening to me?
1:05.6	That is so good.
1:07.5	I completely forgotten about that.
1:09.9	1981, was it?
1:11.3	I think of 81 or 82.
1:13.0	Long, long, long time ago, Norway beat England for the first time ever,
1:16.4	two won.
	...

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