All that tells us is that sometimes public ownership is not...

All that tells us is that sometimes public ownership is not great for infrastructure assets, not least they don't manage on a commercial basis.

Nothing new in that, what matters now is how good the execution is in fixing it, am the first to admit some have got this badly wrong in the past with these type of assets.

Having said that history tells us that done well the rewards are there, it's now a question of can MBL do this well.