Why governments prefer domestic bliss

A new report PricewaterhouseCoopers says Britain could have had one of the world's biggest sovereign wealth funds had the windfall from its North Sea oil been saved rather than used to cut taxes and boost spending. The news will cause wry smiles among Gulf funds, particularly in light of EU moves to demand greater transparency from sovereign wealth funds.
The report points to Norway, which has used its North Sea revenues to build up a frighteningly profitable sovereign wealth fund worth some $650 billion, and says had the UK saved just half said its windfall it would have a fund bigger than that of Kuwait ($430bn).

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