'Nationalisation is not the answer'

Labour's enthusiasm for nationalising steel was met with approval across the spectrum. Political consensus is a sign that thinking has been abandoned, says Max King

Keir Starmer, UK prime minister
(Image credit: Jason Alden/Bloomberg via Getty Images)

Having fought an expensive civil war against the barons, Henry III was short of money. Jealous of the lucrative revenues earned by the City of London Corporation, which had from London Bridge sided with the barons in the civil war, Henry seized control of the bridge in 1269 and handed its administration to his wife, Eleanor of Provence. The money raised from tolls was supposed to pay for maintenance and repair, but instead was squandered. The bridge fell into disrepair and, in the winter of 1281-1282, partially collapsed. Henry’s son, Edward I, handed the bridge (then the only one in London) back to the City of London Corporation, which has been responsible for the City’s bridges ever since.

So successful has this been that the City Bridge Foundation has been able not only to maintain the City’s five bridges without tolls, but also donates £30 million a year to London charities. Meanwhile, Hammersmith Bridge, the responsibility of the Borough of Hammersmith & Fulham, has been closed to motor traffic for five years as the council can neither afford repairs nor sees the necessity for them, supposedly because they think it benefits those south of the river more than those north of it.

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Max King
Investment Writer

Max has an Economics degree from the University of Cambridge and is a chartered accountant. He worked at Investec Asset Management for 12 years, managing multi-asset funds investing in internally and externally managed funds, including investment trusts. This included a fund of investment trusts which grew to £120m+. Max has managed ten investment trusts (winning many awards) and sat on the boards of three trusts – two directorships are still active.

After 39 years in financial services, including 30 as a professional fund manager, Max took semi-retirement in 2017. Max has been a MoneyWeek columnist since 2016 writing about investment funds and more generally on markets online, plus occasional opinion pieces. He also writes for the Investment Trust Handbook each year and has contributed to The Daily Telegraph and other publications. See here for details of current investments held by Max.