Oh dear. Today Labour have launched a ‘fully costed’ manifesto which fails to mention anywhere the cost of its nationalisation plans. So, with that in mind, Andy McDonald faced an undesirable task in appearing on the Daily Politics to explain how exactly that might work.
The shadow transport minister appeared completely out of his depth as he was asked about Labour’s plans to nationalise the railways, Royal Mail, and the national grid:
AN: Nationalising the National Grid is not including in that £50bn that you’re raising, so where will the money come from for that?
AM: Well, that is part of a taxation and spend programme Andrew and the money will come for that in the fulness of time. If you’ve got the wording in front of you I think you will find that it does say that’s something we want to achieve over time, that’s the ambition of that manifesto commitment.
AN: What about the water companies which you also want to nationalise. Thames Water, that alone is worth around £10bn — how would you finance that?
AM: Well, again Andrew we’ve set out how we look to the very richest in our society to make a better contribution…
AN: But that’s not nationalisation, Mr McDonald.
AM: Well, those are the funds that we will be drawing on.
When pressed, McDonald continued to come up short on where the money for nationalisation will come from — in the end, he said he would give the manifesto another read.
Taxi for McDonald…