After the banks are nationalised – will we see a renaissance of public works?
One question has been twitching at the back of my brain for some weeks now.
It is this: If the Government is prepared to invest “whatever it takes” to get the wheels of the “unreal” economy that is banking back on the rails, then will it be prepared to invest “whatever it takes” to keep the wheels on the real economy?
How dramatic and how permanent is the shift in economic thinking we are witnessing?
With the previously unthinkable nationalisation – well nearly – of banks now gaining all-party acceptance, what are the chances of massive investment in the nation’s infrastructure? A huge public-debt-led public works bonanza, perhaps?
What about a huge investment in housing, homes that could in theory be sold off in years to come at a profit to the taxpayer?
What about a huge investment in the rail network to enhance the national productivity and spread wealth? Did I hear that coming from David Cameron?
What about a massive publicly-funded expansion of the data network?
The possibilities are endless – when the unthinkable is no longer the unreasonable.