The shadow business secretary Jonathan Reynolds told the BBC: “We’re not going to nationalise the energy system.”
Asked if they would follow the vote, he said: “No.”
The shadow business secretary Jonathan Reynolds told the BBC: “We’re not going to nationalise the energy system.”
Asked if they would follow the vote, he said: “No.”
Unite set up the vote to embarrass the party leaders. It succeed in this.
The actual point left out is that this not needed and would involve buying out companies, and needlessly paying them money.
Instead Labour’s plan is to set up their own energy company. This will either succeed and force existing companies to set prices fairly or to go out of business, or it will fail without damaging the market. Either way it’s cheaper and safer than forcefully nationalising existing firms.
I’ve always thought this would be the best option for essential services. Then it’s there as a service provider of last resort in case a private provider fails. And if the private sector can indeed provide the service more efficiently even after paying it’s shareholders, great, have at it in competition with the state offering. We even have this in places (see NS&I).