Jeremy Corbyn has pledged to start buying up shares from the ‘Big Six’ energy companies until the government owned a controlling stake. By doing this, he aims to nationalise not only the big six but also the National Grid.
Speaking with Greenpeace on the matter Corbyn 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.”
He is confident this can be achieved “through majority shareholding; you can do it by increased share sales, which are then bought by the Government in order to give them a controlling interest. Does it cost? Yes. Is there a return? Yes.”
Corbyn is currently the second favourite to win the Labour leadership election which is due to take place later this month. He has taken many in the party - and himself - by surprise by winning more constituency party nominations than any of his rivals.
Yesterday Mr Corbyn rounded on Labour critics of his economic plans by insisting that many wealthy people would be willing to pay more tax in return for better services. He hit back at accusations from rivals that “Corbynomics” amounts to “deficit denial”.
“Far from denying the deficit, we must tackle it, but I do dispute that you best close it by cutting the public services and benefits of the poorest or squeezing spending out of the economy so that growth is slowed down.”
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