In a keynote speech at the Labour Party conference yesterday, Shadow Chancellor John McDonnell confirmed that if the party wins the next General Election it will take the privatised water companies back into public ownership.
He also told delegates that the rail and energy industries would be renationalised, Royal Mail would be brought back under public control, while existing PFI contracts would be brought back in-house and no new PFI deals signed.
“Building an economy for the many also means bringing ownership and control of the utilities and key services into the hands of people who use and work in them. Rail, water, energy, Royal Mail- we’re taking them back.” he said.
Responding to the speech, Water UK Chief Executive Michael Roberts said:
"The water industry has come a long way since privatisation and now has an excellent record on water quality, investment and customer service - something it didn't have when English water services were run by the government. Taking the water industry back to the 1970s is not what customers need, and threatens to see the return of the industry being starved of funds by a cash-strapped government."
Labour Party would "absolutely commit" to Swansea Tidal Lagoon
The Shadow Chancellor told the conference that Labour would establish a Strategic Investment Board to co-ordinate the promotion of investment and that other countries are using “state direction of innovation and investment” to carve out vital areas of expertise – in robotics, in electronic cars, in cleantech, in the smart city.
He described recent storms and flooding worldwide as “yet another environmental wake up call”, saying that despite “huge natural, renewable resources… and an immense heritage of scientific and engineering expertise” the Government had slashed funding for the renewables industry.
Labour would ensure the UK became world leaders in decarbonising the economy with a publicly owned energy supply based on alternative energy sources, he said, adding:
“Where the Tories have dithered and delayed, to deliver zero-carbon electricity, we will absolutely commit for example to building projects like the Swansea Tidal Lagoon.”
CBI - investors will go "running for the hills"
The CBI, the UK's leading business organisation warned that Labour’s proposals would send investors “running for the hills.”
Carolyn Fairbairn, CBI Director-General, said:
“The Shadow Chancellor’s vision of massive state intervention is the wrong plan at the wrong time. It raises a warning flag over the British economy at a critical time for our country’s future.
“Forced nationalisation of large parts of British industry will send investors running for the hills, and puts misplaced nostalgia ahead of progressive vision. “
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