John McDonnell claims Labour’s huge renationalisation plans won’t cost the public a PENNY
Shadow Chancellor was ridiculed for suggesting the huge bills that his party would splurge to buy out water and electric companies won't actually cost anything
JOHN McDonnell has been ridiculed today after he suggested that Labour's huge renationalisation project won't cost the public a PENNY.
The Shadow Chancellor was mocked after saying that the huge bills that his party would splurge to buy out rail, Royal Mail, and Britain's electric companies won't actually cost anything.
That's despite economists and respected think tanks estimating there would be a huge £176billion cost to take them into the public hands - costing £6,500 per household.
The enormous borrowing binge, part of the cornerstone of Labour's hard left manifesto last year, would allow Britain to bring Britain's water industry into public ownership too.
Earlier this year it was revealed that taxpayers would be forced to shell out an eye-watering £90billion just for that - more than double Britain's entire annual defence budget.
Philip Hammond blasted the plans just last month. He raged: "Labour aren’t fit to govern and working people would pay the price if they ever got the chance."
Labour has repeatedly refused to put a price on their plans.
John McDonnell told the BBC's Andrew Marr Show: "Well when Parliament determines that, that will determine the price but let me reassure them, it will not cost them anything because what we’ll be doing is taking an asset, it will give us an income, we’ll cover the cost of purchase and invest properly and reduce costs."
He's previously argued that more money would come back into the Government through the industries themselves, which would save the taxpayers money over a period of ten years.
Chief Secretary to the Treasury Liz Truss blasted his comments today.
She said: "John McDonnell’s claim that £176 billion of renationalisation would not cost people anything shows exactly why he and Jeremy Corbyn can’t be trusted with the economy and your taxes.
"Just like last time, ordinary working people would pay the price for Labour with more debt, higher taxes and fewer jobs."
MOST READ IN POLITICS
The news comes ahead of tomorrow's Budget, where Mr Hammond will announce new measures to help Brits in debt, more money to fix Britain's potholes, and a plan to save our high streets with a cut to business rates.
But today the Chancellor admitted he could be forced to rip up his own plans and start again with a fresh Budget if we voted to quit the bloc.
He also refused to say how the "end of austerity" would come about, saying Britain would have to think again next year once Brexit is out of the way.
Mr McDonnell claimed Labour would reverse some of the cuts implemented by the Tories - but refused to go all the way and say he would ditch them all.
We pay for your stories! Do you have a story for The Sun Online politics team? Email us at tips@the-sun.co.uk or call 0207 782 4368. We pay for videos too. Click here to upload yours