Pre-Budget Report

That is exactly the idea being promoted. The problem that we start from is that it is not now possible to envisage making large-scale investments in British infrastructure. The banks will not do it, because they are de-leveraging, and the stock markets will not do it, because of their short-term perspective in most cases, while private equity companies are worried about over-borrowing. The only mechanisms are likely to be what we now think of as new ideas, but which have a precedent in the 19th century, as the hon. Gentleman said. It would be interesting to see how far that idea can be pursued. With that, I would like to listen to the remainder of the debate.