Shadow Chancellor of the Exchequer John McDonnell speaking at the Labour Patry’s Alternative Models of Ownership conference:
“Labour will put Public Services irreversibly in the hands of workers, so they can never again be taken away.
It would be cost free.
You borrow to buy an asset and when that asset is producing profits like the water industry does, that will cover your borrowing cost.
Privatised Services have given out £18bn of dividends to their shareholders – sometimes they’ve actually given out more in dividends than they’ve made in profits. The next Labour government will put democratically owned and managed public services irreversibly in the hands of workers and of those who rely on their work.
We aren’t going to take back control of these industries in order to put them into the hands of a remote bureaucracy, but to put them into the hands of all of you – so that they can never again be taken away.
Public ownership is not just a political decision, it’s an economic necessity.
We’ll move away from the failed privatisation model of the past, developing new democratic forms of ownership, joining other countries, regions and cities across the world in taking control of our essential services.”