An article in yesterday's Sunday Times newspaper is warning that if the Labour Party gets into power at the next General Elelection it would simply take water companies back into public ownership with little or no compensation.
The article - Beware Corbyn's spash-and-grab water raid - says that Labour believes it can "orchestrate .. a corporate finance manouevre without paying any form of compensation......or certainly not market value plus a takeover premium."
The state would simply " seize control" of publicly listed shares in Pennon, Severn Trent and United Utilities and of privately owned utilities like Thames Water.
The article says:
"Nationalise privately owned assets, without paying much, and suddenly the Labour Party's plans for the public finances make sense."
It goes on to say that the water companies "do not easily elicit sympathy" and that "the likes of Thames represent much of what is wrong with modern capitalism in terms of excessive leverage, lack of accountability and generous executive pay deals."
However, it goes on to point out that "stealing is stealing, whatever the victim" and that the financial institutions on share registers are simply conduits for the country's savings and investments.
Click here to access the Sunday Times article online
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