Can liberalised energy markets cut carbon emissions? Britain is starting to doubt it
FOR many left-wingers, the credit crunch was proof that markets do not always know best. The near-collapse of the world’s banking system shows once and for all, they argue, that an industry as important as finance cannot be left to the whims of the invisible hand. Yet despite much speechifying from banker-bashing politicians, such views do not seem to have taken hold. Bonuses are back in many City dealing-rooms, and the old argument against regulation—that it would drive firms away from Britain and impoverish the country—is being heard again.
Away from the spotlight, though, another industry is facing its own crisis of confidence in laissez-faire liberalism. Climate change, a looming shortage of electricity and worries about the risks of relying on imported energy are causing many to doubt whether Britain’s vaunted liberalised energy markets are up to the job.
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