A German court has handed a life sentence to the man who drove a car into a crowded Christmas market in Magdeburg, killing six and injuring over 200. The verdict sends a clear signal but raises uncomfortable questions about the efficiency of state surveillance. Meanwhile, back in London, counter-terror officials are conducting a review of security measures at public events.
Markets, of course, are efficient: they price in risk. But the cost of security is a tax on freedom, and one must ask if the government is spending our money wisely or simply playing to the gallery. The defendant, a Saudi exile with a history of erratic behaviour, somehow slipped through the net.
Was this a failure of intelligence or a failure of will? The Bottom Line is that no amount of spending can eliminate all risk, and the public must decide how much security they are willing to pay for. Gilt yields remain stable, but the real yield on safety is diminishing.
The Chancellor should take note: fiscal discipline matters even in the face of terror.
