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This is a question I ask.

The UK policy was, effectively, 'paaarty!'

Sad but true. One shining light in this dismal situation however is that Shetland managed to do something similar to Norway: https://www.google.com/amp/s/www.scotsman.com/news-2-15012/g...

Well - capitalise trade in The City of London; without the oil it's pretty clear London wouldn't have developed the way it did.

Rather than the story of financial degregulation?

Sceptical.