Jeremy Corbyn’s dream of re-nationalising key industries would cost each household £6,500, study finds
It said the Labour leader’s plans for the energy, water, rail and mail sectors plus some private finance deals would be about ten per cent of the national debt, or £176billion
JEREMY Corbyn’s dream of re-nationalising key industries would cost each household £6,500, a study has found.
It said the Labour leader’s plans for the energy, water, rail and mail sectors plus some private finance deals would be about ten per cent of the national debt, or £176billion.
Chancellor Philip Hammond said the damning dossier “lays bare Labour’s fantasy economics”.
The figure could even hit £306billion if the wider energy market was re-nationalised, the Centre for Policy Studies report found.
Labour’s shadow chancellor John McDonnell previously insisted his party’s plans would not burden taxpayers.
But it has not published cost estimates and even claimed households could save £220 a year.
Mr Hammond last night said: “It would mean hundreds of billions more borrowing, meaning more debt and higher taxes.
“Once again, it’s working people who would pay the price of Labour’s reckless plans.”
The analysis claims the money would be enough to pay for 2.9million new homes in social housing.
Report author Daniel Mahoney said: “If Labour pursued this, business confidence would slump and pension funds, which are big investors in utilities, would end up particularly badly off.”
Labour last night said the figures misrepresent its policy.