One of the other projects I mentioned was a high-speed rail link to the Midlands and beyond. Interestingly, Network Rail have announced today that they would like to electrify the existing Midland Main Line and finance it themselves. I don’t know what effect this will have on the business case for a new high-speed line – maybe the upgraded existing line will do the job?

There seems to be some sympathy for the Keynesian notion that one way out of recession is to (a) reduce interest rates and (b) make substantial investments with public money into infrastructure projects. Well in the UK we’ve done (a) to the extent that interest rates are at a record low. It would appear the only thing left is to start with the infrastructure investments.

So what would you do to stimulate the UK economy? Here’s my list:

1. Fibre To The Home (£29bn)
2. New airport in the Thames Estuary (£14bn)
3. Crossrail (£15bn)
4. High-speed rail link to the Midlands (£20bn)

A total bill of £78bn, a staggering amount in normal times but looking less intimidating compared to the sort of money the UK government is putting into rescuing the ailing banks.

All the items on my list are existing proposals. Two of them are actually Conservative Party policy, so there is no lack of support for Keynesianism there.

Crossrail is struggling to get the private finance it needs to get off the ground. This is not surprising given the current problems with the availability of credit. The government should just do away with the PFI smokescreen and get this project on their balance sheet.

There’s lots of other possibilities, but I’ve tried to include projects where the benefits are obvious and immediate and nothing is added to the operational cost base of the government – all these things would generate operating profits once built.

And they would all benefit me personally. So get on with it please, Gordon.