Jeremy Corbyn has been talking to our political editor about his renationalisation plans. He says water company dividends have gone up massively, alongside big increases in bills for consumers.
“I think it is only right that our water industry should be in public ownership as it is in Scotland,” he tells Laura.
“The process of doing that may well be a bond issue, and instead of the profits being siphoned off elsewhere they’ll be here and invested.”
But why no ball park figure for the cost of renationalising four major industries, he’s asked.
“Because we don’t know what the share price would be at the time that we do it,” he replies.
The Labour leader said the cost would be “neutral” if bonds were issued in return for buying company shares – but of course, that would greatly increase government debt, something the manifesto doesn’t mention.
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