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Red Flag !

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Seems the Shadow Chancellor intends to embark on a nationalisation fest, when he gets to No11;  and the nationalisation programme won't cost the tax-payer a bean.  So presumably he's going to nationalise private sector companies WITHOUT compensation - I'll believe it when I see it.        :ph34r:

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Perhaps a remote Scottish island will be turned into a re-education centre for  UK capitalists.

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I'm sure they have given some thought to the fact that many of the shareholders of these private companies are pension funds, which provide the pensions of ordinary working people, and not fat cat millionaires swilling champagne and smoking cigars on their off-shore tax havens.

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I expect that the Pension Funds wouldn't mind that much because the proposal is for the comrades to decide the value of energy companies and compensate their owners in gilts, i.e. by printing money! That is why the idiots think it will cost nothing!

Of the big 5 energy companies all  but one are owned by EU energy companies with some of their shares owned by their respective states. Their owners will not see UK gilts as a suitable substitutes in their investment portfolios.

In my view there is no evidence that the Labour Shadow Cabinet have thought this through whilst considering in any way the effect on the public. What foreigners will see is the UK government failing the follow the rule of law and the effect on overseas investor confidence will be catastrophic. That loss of confidence is why McDonnell expects a run on the pound and is right to do so. Expect a far bigger loss of jobs and GDP than Brexit could ever summon up.

 

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The irony of course, is that if we stay in the EU, I believe their rules wouldn't allow it and the ECJ would rule it illegal ?    Something Karl Marx failed to predict in Das Kapital !    :D

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I believe that's correct Obs. So they find themselves between a rock and a hard place, scupper Brexit and not be able to nationalise anything, or accept Brexit and destroy the economy. Decisions, decisions!

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Seems Jeremy is qualifying the position, by suggesting the nationalisation of the smaller distribution network; but cost estimates to the tax-payer are still in the region of £135billion. Whilst personally, I don't object to the idea, I find it difficult to believe it can be accomplished at zero cost, unless of course the Gov nationalise "without compensation", which frankly I can't see our current batch of MPs having the nerve to do.      :ph34r:

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Surprised also, that Jeremy hasn't locked onto the latest idea being floated, that everyone under 55 be given £10,000pa as the social wage (why under 55 I don't know);  but as the Plebs tend to spend their money, this would create demand, thus creating jobs, thus keeping the whole economic merry go round turning.      :D

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