We have a new government fund - we’ve forgotten what it’s called but we’re assured that it’s really exciting - which is going to invest our tax money in the industries of the future.

But on Thursday night, at a court in New York, Northvolt’s lawyers filed for bankruptcy protection amid a cash crisis for the European battery champion.

More than just investing in those businesses of the future that are obviously going to work - for, of course, even dumb and stupid capitalists operating in markets can achieve that, hunh! - our tax money is going to be invested in those strategic industries of the future. Even, alongside strict conditionality!

Despite raising more than $15bn (£12bn) from investors, bondholders, pension funds and European governments since it was founded in 2016, this week the company had less than one week’s cash remaining – $30m.

We’re all gonna get so, so rich, right?

Tim Worstall