Worcester MP Robin Walker has today warned against Labour’s renationalisation plans following new analysis published by the Centre for Policy Studies this weekend which put the cost of Labour’s pledge at £176 billion.
The report found that renationalisation plans from Labour’s 2017 manifesto and subsequent policy announcements would represent adding 10% of the national debt, or nearly £6,500 per household.
When questioned on the Andrew Marr show on Sunday, Shadow Chancellor John McDonnell refused to accept the analysis instead suggesting that MPs would be able to set the price of vital services. He merely said, ‘Parliament will determine the conditions for the future… Parliament will determine the price’. But the report from an independent think tank argues that nationalisation without compensation for shareholders would devastate confidence in the UK economy, causing investors to take their business elsewhere, meaning a lower tax take, less money to spend on public services and fewer jobs.
The findings come days after Secretary of State for Transport, The Rt Hon Chris Grayling MP visited Worcester on Thursday to attend an event with local businesses at Sixways. Robin and the Transport Secretary discussed improvements to the city’s transport, the two brand new Worcestershire stations and the days of a previously nationalised British rail that tore up the double track between Oxford and Worcester and considered scrapping the direct service altogether.
Robin has continued to press the Department for Transport and other providers for better journey times across the network and Great Western Rail for the delivery of a two hour service between London and Worcester with the addition of new rolling stock. He was able to thank the Secretary of State for approving two crucial Transport projects for Worcester which have been campaigned for over decades but are now on the brink of being delivered – Worcestershire Parkway Station and the full dualling of the Southern Link including the Carrington Bridge. Along with the record breaking £54.5m delivered for the crucial dualling work, Worcester also benefited to the tune of £3.9m from funds to reduce congestion in the city centre.
“The Shadow Chancellor has shown yet again that the Labour Party aren’t fit to Government. Labour’s renationalisation scheme is a reckless plan that will cost taxpayers money and risk vital local services rather than improve them. Under the Conservatives we have seen investment into our county with two new stations at Bromsgrove and soon at Worcesteshire Parkway, delivery that has not been seen since the time of Isambard Kingdom Brunel. Alongside the biggest investment in rail since the Victorians we have just seen the biggest investment in our local roads in the life of Worcestershire County Council.”
“I am delighted to have had the chance to welcome the Transport Secretary to Worcester, to thank him for these crucial investments and to speak to him about the importance of our county’s infrastructure. In recent months we’ve seen crucial investment to reduce congestion in Worcester and alongside the delivery of the long awaited Worcestershire parkway this will make a huge difference to local residents. It is notable that the one area where I am currently finding the transport system completely unresponsive and had to raise some serious concerns was with the handling of closures on the M5 by Highways England, which happens to be a nationalised company.”
To read the Centre for Policy Studies report please see:
For more information on Robin’s campaigning on rail please visit: