Where did Britain's missing 'trillion pound' oil fund go?

• After a half-century wait, the UK now has an oil fund. • Chancellor John Healey announced an Energy Wealth Fund at the Jackdaw gas field approval on Wednesday, with £2bn housed in the National Wealth Fund. • The move revives a long-running debate in economic policy: while energy exporters such as Norway have built multi-trillion pound funds from oil and gas revenues - Norway's is worth $2.4tn - the UK spent its North Sea windfall as it went. • The new fund is a fraction of that scale but marks a change of approach.