Labour leadership candidate Jeremy Corbyn has announced he wants to renationalise the big six energy companies and National Grid if he were leading a Labour government.
He said:
“I would want the public ownership of the gas and the National Grid. I would personally wish that the big six were under public control, or public ownership in some form.”
We’re not entirely sure how he is planning to do this exactly. He didn’t elaborate much on how the government would buy stakes in EDF Energy, Eon, Npower and Scottish Power, all of which are owned by larger overseas companies.
We’d love to know where he’d find the cash for this extravagant purchase. Sell off the NHS? Don’t be absurd! He’ll just tax higher earners by reintroducing the 50 per cent tax and “tax the wealth of the super-rich”.
Corbyn explained he doesn’t want the national government to control the entire UK power supply, but added it “should be publicly owned, whether that’s at community, municipal or national level”.
We think he might be living in a dream world. Next he’ll be suggesting a price freeze…
Leadership rival Andy Burnham however, may have a better handle on reality. He outlined his plans to introduce a ban on fracking, until there is “much clearer evidence” on the environmental impacts.
Burnham is the current favourite just ahead of Corbyn as they battle it out for Labour leadership.
Not sure which energy supplier to use? Call us for advice on 0800 051 5770.