Well, no, John Harris does have a point here

Source: Adam Smith Institute
by Tim Worstall

“Local government doesn’t have the skill, nous, good sense or ability to invest well. Therefore we shouldn’t be using local government to make investments. Of course, it might be true that further up government, at the national level, skills, nous, good sense and ability increase. But looking at HS2 there’s not grand evidence of that either. So, perhaps the lesson from this is that we shouldn’t be using government to do the investing for us?” (05/07/24)

https://www.adamsmith.org/blog/well-no-john-harris-does-have-a-point-here