McDonnell: Parliament To Determine Nationalisation Share Prices

Investors in utility companies would not be fully compensated at market value for their shares under Labour’s nationalisation plans, John McDonnell has admitted. Speaking on Radio 4 this morning the Shadow Chancellor instead said share prices would be determined by Parliament according to how MPs perceived the past behaviour of firms:

“The value of any industry which is brought into public ownership is determined by Parliament itself… the perceived behaviour [of companies] affects the price…”

Asked if shareholders would be compensated at market value, McDonnell replied:

“The market value will be determined by Parliament.”

Labour’s economic illiteracy in a nutshell…


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