In the summer of 1987, as Margaret Thatcher reshaped Britain, I worked as an electrician's mate in a steel-drum factory. My boss, Stuart, a cautious believer in Thatcher's 'people's capitalism,' had bought shares in privatised British Gas after the 'Tell Sid' campaign. That campaign, featuring a bow-tied man in a pub, framed a new social settlement where individual aspiration trumped class identity. But the failures of privatisation—underinvestment, overcharging, and sewage scandals—have now turned public opinion toward renationalisation.
The Legacy of Privatisation
Privatisation delivered Britain into the hands of a rentier class. Water companies symbolise an economic model that prioritises private enrichment. Polls show cross-party support for renationalisation. Nigel Farage once flirted with part-nationalisation but now abandons it for a small-state approach, giving Labour an opportunity.
Labour's Hesitant Response
For 40 years, Labour has been intellectually supine toward Thatcherite economics. New Labour accepted the false premise of private sector efficiency in natural monopolies. Foreign examples like French state-owned energy were ignored. Only in 2017 did Labour risk a public ownership programme, part of a campaign that removed Theresa May's majority.
Manchesterism: A Model for Change
Andy Burnham's 'Manchesterism' project brings buses back under public control in Greater Manchester. It aims to 'roll back the 80s' by undoing the marketised settlement. This civic-minded politics could revive centre-left Britain if Burnham gains a national stage.
Stuart voted Conservative and bought shares. But today, most support public ownership of energy networks. A disillusioned public will reward the party that ends a failed experiment. For Labour, the time is now.
