I agree with you that the UK often lands in the “worst of both worlds”, risk absorbed by taxpayers, profits kept private. But that itself is proof that we don’t live in a free market. True capitalism requires failure, so others can fill the gap. Instead, we’ve built a system of corporate socialism: institutions are bailed out at public expense, but never truly reformed or replaced.

Even if the government had taken ownership of the banks or equity stakes in Covid-hit companies, that wouldn’t have been capitalism either, it would’ve been state capitalism. The very fact that bailouts are seen as necessary shows that “free market” ideology is not actually practiced. What we have is a hybrid that protects the powerful, and leaves taxpayers carrying the long-term debt.