John McDonnell on nationalisation: 'We're no longer willing to be ripped off'

Jeremy Corbyn John McDonnell

Jeremy Corbyn and John McDonnell. Image: Getty

Friday, November 30, 2018

John McDonnell MP has claimed that Labour's nationalisation plans will stop people feeling "absolutely ripped off".

In an exclusive interview with talkRADIO's Matthew Wright, Labour's Shadow Chancellor said there was a consistent level of support for nationalisation among members of the public.

"The levels of support are between 70 and 80 per cent consistently. Why is that the case? People just feel ripped off," he said.



Mr McDonnell has previously suggested that if Labour won the next election, the rail industry could be privatised within the next five years.

The Party's 2017 manifesto pledged to bring private rail companies back into public ownership as their franchises expired.

"The water was privatised debt-free. They've loaded themselves with debt and now you know they've even been borrowing some of those companies to pay dividends. They've paid out 18 billion pounds worth of money in dividends to shareholders," the politician said.

"They've increased charges above the rate of inflation by 40 per cent so no wonder people feel absolutely ripped off. What we're saying is is that actually we're no longer willing to be ripped off any more. We'll bring it back into public ownership but we'll manage it in a different way."