For what it’s worth, I do think we should be bolder and borrow more, and I hope that we have a stepping stone to that in the future. But we can’t ignore the rest of the country’s problems just to nationalise the whole energy sector. The sheer cost of that would be absolutely beyond astronomical. It was a massive mistake to do it in the first place, but we are where we are.
Of course borrowing on a national scale is different to getting a loan, but at the same time we shouldn’t forget the wider effect that it has. We saw that from the shock caused by the “mini budget”, and we shouldn’t forget that we have a trade deficit. Devalue Sterling through borrowing more, and everything jumps up in price anyway. Like it or lump it, we’re so intertwined with everyone globally that 6th richest nation or not, every action has a reaction, and we need to be seriously mindful of that considering how close to the brink of losing a shed load of people’s pensions as we were with Truss.
I’m not an outright supporter of PFI style stuff, and I do have concerns about utilising it. Which is why I did say that once we see the detail, I hope to see protections in place to prevent getting the issues we had previously. It’d be a lovely world if we could nationalise everything, but we need to be realistic as to what’s achievable considering the state things are in at present and the relative speed needed to start fixing it.
Softly softly is boring, but it’s what we need right now with everything going on in the UK and globally - at least for a little while.