Storing up trouble for the future - The Times (subscription)

If nothing else, the Government's decision this month not to subsidise gas storage gave reassurance that some parts of Whitehall still think markets know best. Sadly, that faith will now be tested to death, after Centrica decided to pull the plug on two gas storage projects in the North Sea and Yorkshire.

The decision will cost Centrica dear. The £240 million it is writing down as a result exceeds the sum written off after it discontinued its involvement with building new nuclear plants.

For Britain, the cost may be greater. Michael Fallon, the Business Minister, says that subsidising new storage