When the facts change, Leo Quinn says, so do the conclusions (Robert Lea writes). This paraphrasing of John Maynard Keynes, the economist, by the chief executive of Balfour Beatty is particularly apposite as his company, Britain’s largest construction concern, looks set to be one of the main beneficiaries of the Keynsian build-build-build infrastructure splurge being promised by the prime minister’s “new deal”.
Mr Quinn was responding to queries about his unexpectedly bullish claims in the group’s half-year results surrounding the business’s immediate future in the age of coronavirus. That is, to quote his prognosis: “Notwithstanding the uncertainty of Covid-19, on the assumption that Balfour Beatty’s markets continue to recover as anticipated, the group expects the earnings-based businesses to recover steadily through the second half and
