“If it was the case that the Government… pulled out of contracts whenever a profit warning was issued, that would be the best way to ensure that companies failed and jobs were lost.”
The Government must always stand up to businesses’ excesses, without losing sight of the huge benefits that partnerships have brought.
The price of being thought business-minded is that it reflects particularly badly on Tory ministers when the private sector gets it wrong.
Since my last article, there has been real progress to improve rail funding overall. Next we should consider how to reduce uncertainty within the supply chain.
The energy networks receive a lot less scrutiny than the ‘Big Six’, but they’re natural monopolies extracting unjustifiable profits and must be reformed.
Gone is the Conservative certainty of reducing taxes to promote businesses’ own investment and growth.
It is not especially low tax, nor is it unregulated – though it is certainly a more business-friendly environment then the UK. Here is why it works.
Let’s have Policy Board outside of the constraints of the Government machine – and a commission on what Britain should look like post-Brexit.
If we can win the argument for well-regulated, competitive provision of essential services in this sector, we can win it elsewhere.
To reduce investment in infrastructure or R&D is to take away from the future – just as surely as running up unsustainable debt does.
This will mean that the Party must enter uncomfortable territory and embrace taxes on wealth and inheritance.
“Investing in the future, taking advantage of record low interest rates, can be the right thing if done sensibly.”
It would be prudent for that to become the presumption. Even if we do end up with a deal, infrastructure improvements will be welcome.
Not only will it free up much-needed capacity for commuters and freight on the existing network, but we’re ensuring a huge skills footprint too.
Transport for the North can now set its own priorities and make its own plans – but Westminster must devolve more powers to allow it to reach its full potential.