Published On: Mon, Sep 25th, 2017

McDonnell: Labour will NATIONALISE water, rail & energy – market value determined by parl

The Labour shadow chancellor announced his party would seek to nationalise key UK industries in the event of a Labour Government.

Mr McDonnell told the Today Programme: “We’re bringing rail back into public ownership as those franchises drop. We’re looking at water because of the way consumers are being exploited and we’re looking at building an alternative energy system as well.

“My own priorities are rail, water and energy construction in that way and the Royal Mail, that will follow. We’re listening to our members and saying: ‘What are your priorities?’

The surprise announcement included plans that would see companies being forced to accept market rates imposed by the Parliament.

The cost of the extensive programme would cost taxpayers hundreds of billions depending on the market capitalisation of the companies identified.

Mr McDonnell continued: “The value of any industry that is brought into public ownership is determined by parliament itself, and that will be a detailed assessment.”

Under the plans, shareholders would receive a reimbursment with government bonds and “behaviour” would have a high impact the amount rewarded to the companies.

He added “The perceived behaviour affects the price, that’ll be determined by parliament.

“When parliament determines that, what those shareholders will get is a secured bond which is much more secure than what they’ve got at the moment.”

Mr McDonnell discussed the plans ahead of his appearance at the Labour party conference in Brighton on Monday.

The Labour politician appeared on several tv and radio programmes to defend his party’s decision to exclude Brexit from major debates at the conference.

He said the party would focus on gathering consensus from its members in order to unite the country over the future of Brexit Britain.

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