Re: Norway better prepare itself.....
Really don't understand the down votes for stating a fact so I'll try phrasing it another way:
The most the government has ever earnt from oil and gas revenues was about £12B in 2008-09. In that same year we borrowed well over £150B so where exactly was the money for this magical sovereign wealth fund coming from? We've run a budget deficit in all but a handful of years since north sea oil was discovered. Any SWF would have been funded by borrowing more.
North sea oil revenues are just nowhere near as big as people think they are once you've spread them over 60-70M people