How renationalisation could do profound harm to our economy and the services we rely on.
Delivering one of this year’s Roscoe Lectures at Liverpool John Moore’s University, CBI Director-General Carolyn Fairbairn warned against the consequences of Labour’s plans to re-nationalise utilities and railways.
She highlighted that with nearly 8 million pension pots invested in businesses Labour wants to re-nationalise, workers and older generations could end up poorer as a result.
She also asked whether it’s the best way to use the £176bn the Centre for Policy Studies has estimated it to cost.
And she nodded to the damage already being done to investor confidence, just when we need that reputation to be strengthened.
Calling the plan “the biggest departure from economic consensus that politics has seen for 30 years”, she provided evidence from UK experience to suggest it “would do profound harm to our economy, to the services on which we rely, and to our country’s finances”.
Celebrating achievements
Importantly, Carolyn also pointed to achievements delivered by the businesses since privatisation.
“Since the
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