Jeremy Corbyn has drawn up plans to take control of Britain’s energy networks in a multi-billion pound power-grab modelled on the nationalisation of Northern Rock.
A leaked Labour party document has revealed plans for a swift and sweeping renationalisation of the country’s £62bn energy networks at a price decided by Parliament.
The blueprint, seen by the Telegraph, lays bare for the first time Mr Corbyn’s plan to bring all energy network companies under public ownership “immediately” following a Labour election win.
The party is planning to employ the same legislative tools used to nationalise Northern Rock in order to justify naming its own price for the companies.
Nationalising them? Well, silly idea, obviously. But at below market price? Stealing them? And how are they going to use the NR tactics?
That depended upon the BoE not offering liquidity support so therefore it was bust. Now, maybe BoE was instructed not to offer liquidity but still. In that circumstance it was actually bust.
What would be – what could be – the equivalent tactic? Announce they’re going to buy them at £x, watch the price fall to price £x and announce that’s market price?
Unfortunately I’m too cheap to pay for either the Telegraph or FT where this is explained.