Why do the Conservatives find it so difficult to admit that the privatisation of public utilities has in many cases been a disaster? It was supposed to bring heaps of finance into public services, protect taxpayers from financial risk and bring prices down through competition.

Yet we have ended up with energy prices fixed by Ofcom, a rail industry which is swallowing vastly more subsidy in real terms than British Rail ever did – with unions bidding up pay to astronomical levels and taxpayers forced to cough up to fund those rises.