Corbynista Cat Hobbs, founder and director of We Own It, a left-wing group which campaigns for state ownership, has revealed how Labour could enact its plan to nationalise utilities if Corbyn took office. Hobbs told Stephanie Flanders on the Today Programme that expropriation of shareholders in utility and transport firms was necessary in order to redress perceived historical wrongs on the part of firms. Hobbs said:

“Do these shareholders really deserve the market value… you’d compensate the shareholders for the money that they’ve put in, but the market value of the shares is much higher… so you’d compensate them for the money that they’ve put in and that’s fair, but what you wouldn’t do is compensate them for the full market value.”

Cat Hobbs called Labour’s manifesto commitment to nationalisation “fantastic”. Corbynistas are so dogmatically hell-bent on nationalisation they will happily rob pensioners in ordinary retirement schemes…