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Chancellor Sajid Javid slammed the socialist’s plan, which would see water, energy and rail firms brought into state ownership under a £100billion programme. Research conducted by the Daily Express shows millions of ordinary men and women across the UK have invested funds in companies which the Labour leader has set his sights on. If rolled out, his plan could see a £31billion hole drilled in Britons’ pension funds.
Mr Corbyn today discussed his business plans at the annual CBI conference in London, insisting Labour is not “anti-business”.
But Mr Javid warned anyone getting excited about the nationalisation proposals to think again, claiming it would take Britain backwards instead of forwards.
Last Thursday shadow chancellor John McDonnell announced plan to part-nationalise BT for £20bn to bring full-fibre high-speed broadband to homes across the UK.
Writing in City AM, Mr Javid said: “Beware of Marxists bearing gifts.
“We will all pay the price for their fantasy economics – it will destroy jobs, burn people’s hard-earned pension funds and set our nation back.
“Their latest wheeze for ‘free’ broadband is their most audacious con trick yet.
“It means yet another commitment to seize the private investments of millions of people who own a piece of BT.”
According to data from Water UK, more than six million people invest heavily in the water industry via 67 pension funds.
BT chief responded to Labour’s shock announcement by saying the plan would in fact cost £100bn.
Pension funds heavily invested in BT, National Grid, British Airways and Church of England Investment Fund for Pensions would all be hit by the plans.
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The CBI has estimated the cost of the nationalisation programme to be £196bn.
Mr Corbyn used his speech at the CBI conference in London this afternoon to try to win over business leaders .
He told the audience: “You and your business have so much to gain from a Labour government.
“Small businesses will see late payments tackled, whether those late payers are larger companies or government; business rates reformed, because we know the damage they’re currently doing to our high streets and communities; and access to finance improved with a Businesses Development Agency as part of the new Post Bank.
“And yes, let’s be frank, Labour will ask those at the top to pay their fair share in tax.
“We will put an end to the tax tricks that allow the wealthiest individuals and the biggest corporations to avoid paying their way.
“And we will bring some key services into public ownership. I make no apology for that.”
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