Sheepy Howe and the oil

Says Chakrabortty, where did all the North Sea oil money go? Says Thatcher Foundation, well, Fatty Soames wanted to use it for investment, like Tony Benn according to the Civil Service note on the file, and Geoffrey “Dead Sheep” Howe nixed it on the grounds that spending it on investments must needs crowd-out other investments and we’d be no better off. This is a rare example of crowding out applied to not borrowing money. Actually, Howe seems to have been wobbly and all over the place on this, there’s a surprise. So there’s your money.

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