It's a bit late for the Government to start getting over-protective about our industrial crown jewels.
So Peter Mandelson has waded into the Cadbury battle by warning of 'huge opposition' from HM Government if hungry Americans come over here in search of a 'fast buck'. I’m not quite sure what he means here; there wouldn’t be much that was fast about Kraft paying off the kind of debt it will need to take on to fund such a purchase. Kraft’s bid is about many things – a huge, dull conglomerate in desperate search of growth before someone else nabs the tasty morsel that is Cadbury – but a fast buck surely is not one of them.
Lord M’s intervention is unprecedented in modern times. But these are very odd times. Anyone would think there’s going to be an election within the next six months.
The truth is his rhetoric is an empty threat. A classic piece of sabre-rattling that will lead to nothing. (Not even that many votes in Bourneville, I’d guess.) It’s not as if he has a great track record in this area : the last time he threatened to get involved was over MG Rover and look what a calamitous dog’s breakfast that turned out to be.
Cynics might also ask where this concern was when the government flogged off the UK’s utilities - water, gas , electricity? Where was this reluctance to part with crown jewels when the Treasury needed cash to ramp up public sector spending by off-loading Westinghouse, DERA (which became Qinetiq) and our nuclear industry? Where was this sense of neding to protect our national future and our security when BAA and all our ports went under the auctioneer's gavel?
The point is that we used to feel smug about allowing the market to do its work. We knew the market was the only way. We sneered at the French who hung on to everything - even their yogurt makers - as a matter of the highest national self-interest.
But now we’re skint and we have diddly-squit left to flog, it appears the Brits are changing their minds. We even need a supertax on bankers. His Lordship may now be for turning but it’s a bit late in the day. The stable door is wide open and they all bolted years back. The only thing left sat in the straw is the Dartford Crossing. And not even Del Boy made a bid for that.
