We Need A Strategy

摘要

"It's all very well calling for a Keynesian programme of public works to kickstart the economy," wrote Rachel Sylvester in The Times on Tuesday, "but JM Keynes did not have to deal with the PFI." She was referring to figures we published last week showing that ￡10bn of PFI projects were on hold. In fact, there is a wealth of evidence that rather than accelerating public spending as the chancellor Alistair Darling promised, spending on public sector projects is in reverse (page 28). That's not to say it's all bad news for contractors, as Morgan Sindall's healthy profit showed this week (page 19). These results, like those for Balfour Beatty, are proof that public investment can shelter the industry from the worst of the downturn. But it still needs to be made more efficient and effective. Here are a few suggestions for how this can be done ...