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The Confederation of British Industry has started its usual pre-election campaign against the Labour Party – with the usual nonsense claims about Labour nationalisation policies.

It seems we are being asked to believe that bringing national utilities, the railways and the Royal Mail back into public ownership will cost the Treasury £196 billion, with no concurrent benefits to the economy.

I have to agree with Labour on this; it is nothing but scaremongering – and not very clever scaremongering, at that.

For a start, most of the utilities and railway firms Labour wants to take back into public ownership are currently owned by foreign firms – many of them owned by foreign governments.

That’s a lot of UK citizens’ money going abroad, right there. Bringing those firms back into public ownership would bring huge amounts of money back into the UK economy, instead of subsidising services in other lands.

We have been led to believe that Vince Cable sold our Royal Mail to hedge funds. Who knows where they’re putting the profits? That cash certainly doesn’t seem to be going back into the business. A tax haven, perhaps?

If so, then bringing the Royal Mail back into public ownership not only safeguards our postal service but brings huge amounts of money back into the UK economy.

That’s just off the top of my head.

The CBI admits its analysis is flawed, in that it only concentrates on the costs of any renationalisation, and explicitly does not consider any benefits.

The claims of this organisation have no value at all.

Source: Labour plans to renationalise utilities, railways and Royal Mail would cost £196bn, CBI claims | The Independent

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