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Britain is doing socialism for the rich again – this time for oil and gas

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The “free market” is a creed that stirs up near religious devotion among its believers. It is in fact a con, a myth, a great deception. Take the latest striking example: according to the National Audit Office, British taxpayers are expected to cough up £24bn for tax relief given to oil and gas corporations, for the removal of North Sea wells, rigs and pipelines. Better start saving up, because if the companies suddenly go under, that bill will only increase. Indeed, some companies have already defaulted on the costs of decommissioning, leaving you and I to pay millions of pounds.

Many questions arise here. While Britain’s Tory government frittered away its North Sea oil wealth, Norway invested the proceeds into a sovereign wealth fund which is now worth $1tn. We could have saved up the wealth to invest in the country’s future – what a tragic waste. It is also a damning indictment........

© The Guardian