The nationalisation plan, set out in a report backed by shadow energy secretary Rebecca Long-Bailey, comes in the wake of the party’s £100billion scheme to take possession of the National Grid. Ministers claim that putting Jeremy Corbyn in charge of our energy would saddle the public with higher taxes. Campaigners also warn the “socialist Venezuela-style seizure” of companies would spell “abject misery for families and businesses”. Under the plans, Labour wants to take control of the Big Six energy firms – British Gas, SSE, E.ON, EDF Energy, Npower and Scottish Power – without paying full market value for them, cheating pension holders and private investors out of billions.
But the move is expected to be challenged in the courts, racking up more huge bills.
Ms Long-Bailey last week said Unison’s Power to the People plan – which could help Britain hit climate change targets – was “exciting”.
But business minister Andrew Stephenson said Labour’s “ideological plans” would saddle taxpayers with an enormous bill.
“It could only be paid for with more borrowing and higher taxes, which is why Labour refuses to reveal the true costs,” he said.
“Labour’s sweeping renationalisation plans would put Corbyn and his cronies directly in charge of keeping your lights on, with nowhere for people to turn when things go wrong.”
The report claims that commandeering the firms would cost no more than £9billion.
But on the day it was published, the market value of the Big Six was £140billion.
Last night, the Conservative Party warned that the move would open the door to a series of organised strikes that could cripple 75 percent of the UK’s energy supply.
