The prevailing fiction of our times is that the private sector is better at running things than the public sector. This has been the ideology we’ve lived under since Margaret Thatcher. And despite evidence to the contrary, politicians in Labour, Conservatives and the Liberal Democrats all seem wedded to it.
Shock does not produce reasoned reaction. No one was expecting a majority Conservative government and, despite the fact that Labour increased its share of the vote by 1.5 per cent over the Tories' 0.8 per cent, the parliamentary arithmetic meant that Friday's news was defined as a Labour wipe-out.