In that case a simple question has to be asked. If a gas company can be too big to fail – and it is now really apparent that this is possible – why shouldn’t the supply of domestic gas be nationalised since it is now clear that all the big players in this market are operating with an unstated but nonetheless profoundly implicit state guarantee underpinning the activities? Why in that case don’t we just create a state energy company to do the job instead? Call it English Gas if you like – because Scotland and Wales should have their own energy companies – and let’s move on. What is the counter-argument?
Because we’ve tried that and it was worse.