Decades on, I am horrified that an approach that wreaked havoc in the global south is still being pursued in the UK. Britain was of course the trailblazer for privatising infrastructure in the Thatcher years, and subsequent UK governments went on to use public-private partnerships to fund new schools, hospitals, roads and prisons, with much of the capital being raised overseas. As the economist Angus Hanton argues, the UK has become a vassal state, paying economic tribute to the American owners of its assets. By asking regulators to prioritise economic growth over other important social and environmental priorities, the new UK government risks following the same dangerous path. But we need a coherent new strategy that doesn’t repeat the mistakes of the past and prevents us sleepwalking into economic disaster.

Source: The Guardian March 07, 2025 02:30 UTC