John McDonnell responds to CBI scaremongering on public ownership
John McDonnell MP, Labour’s Shadow Chancellor, responding to comments by CBI President John Allan on Labour’s public ownership plans, said:
“This is disappointing scaremongering from the CBI, which continues to put shareholders first, despite claiming to understand that businesses need to change.
“The public know that privatisation has not delivered on its promises. Instead of a nation of shareholders, people have faced higher bills for worse services. Meanwhile shares and dividends have been concentrated in the hands of a wealthy few.
“Labour has been clear that no employees will be made worse off as a result of nationalisation, including employee shareholders. And everyone will benefit from using the billions being paid out in dividends and excessive interest payments to lower bills and increase investment.
“Across the world, public ownership of basic utilities such as water and energy are a normal part of the ‘essential partnership’ between business and government, providing affordable and reliable services. It is time the CBI caught up.”