At least there is no shortage of confidence in energy. EDF's £12.5bn takeover of British Energy, the nuclear power generator, puts France's national energy champion in prime position to profit from the UK's nuclear renaissance. The deal has had its controversies and raises competition concerns. But it is the best way forward if Britain is to revive an industry that was abandoned two decades ago - and diversify away from imported gas for its future energy needs.

By selling its 35 per cent stake in BE, the government has handed the development of nuclear power and a large slice of UK generating capacity to a state-owned French utility. Even with Centrica, the owner of British Gas, taking an agreed stake in BE, EDF will account for almost a quarter of wholesale electricity output and own the best sites for new nuclear plants.