Britain's free market economy isn't working

The laissez-faire economic model has proved a complete dud. A proper industrial strategy is needed, starting with better help for a foundation industry - steel

Last week should have been a good one for George Osborne. The first day of April marked the day when the "national living wage" came into force. The idea was championed by the chancellor in his 2015 summer budget when he said it was time to "give Britain a pay rise".

Unfortunately for the chancellor, the 50p an hour increase in the pay floor for workers over 25 was completely overshadowed by the existential threat to the steel industry posed by Tata's decision to sell its UK plants.

Related: The dogmas destroying UK steel also inhibit future economic growth | Will Hutton