Will Hutton asks whether he actually got it wrong in his book "The State We’re In". The answer is of course yes, as he actually admits. However, while he mentions it he manages to ignore the reason why he was wrong:

But modern capitalism is
an ever moving target; trying to understand it, and then making and
agreeing a compelling case for reform, is bloody difficult.

Quite. Try reading some of the works of Hayek (you know, that funny Austrian who taught at the University where you are now a Governor). Modern capitalism, markets, economies….they cannot be understood by someone standing in the centre, information is too dispersed for that, which is why your efforts to do so are doomed to failure. Along with any clever plans you might have for reform of course.