Recent work shows that Labour’s renationalisation plans would hit the pension pots of 300,000 retired people in Britain.
The pensions of hundreds of thousands of ex-miners, British Coal and British Steel workers will be slashed by Labour’s cut-price renationalisation of the private utilities they’re invested in.
What is Labour’s Energy Policy?
Labour’s energy policy plans involve nationalising the energy, water, and PFI market sectors for less than the market value.
That means people with pensions in these companies, as well as employees and ex-employees with shares in them.
Labour wants to put control over the energy sector into the hands of politicians, costing taxpayers billions and resulting in higher bills and more government debt.
Who Will be Worst Hit by Labour’s Energy Policy?
Everyone will suffer from Labour’s new energy policy, as renationalisation would mean higher utility bills and no chance to change supplier.
Pensioners could face a double hit because their pensions pots have been invested into the stocks of utility firms. Analysis shows that retired workers from the coal and steel industries would be amongst the hardest hit.
Labour’s ideological plans would also make Britain less attractive for investors, who would be worried that Corbyn’s Labour will nationalise or otherwise threaten their business in the UK. This would mean fewer jobs and less taxes to pay for public services.
How Much Will Labour’s Energy Policy Cost?
Labour won't tell you the true cost of taking over energy companies
"How much would it cost us?" "A ballpark figure?" "I've asked you for a figure..." Labour's plan to seize these companies would end up saddling you and other families with higher taxes and more borrowing. Share for others to see 👇Posted by Conservatives on Sunday, 19 May 2019
Despite being asked over and over, Labour refuses to state the cost of their energy policy. Rebecca Long-Bailey, the Shadow Secretary of State for Business, Energy and Industrial Strategy, has been asked time and time again but refuses to make clear how much Labour’s energy policy will cost.
Think tanks, however, have tried to estimate the cost of Labour’s plans, finding that it could cost taxpayers up to £100 billion to renationalise the energy sector alone. This would cost every family thousands of pounds each.
This is not the only Labour policy that will make everyone poorer. Labour’s gift tax plans, announced in June, would hit hardest those parents who want to give gifts and inheritance to their children. And labour’s housing policy will cost families living in a typical home around £375 a year.
As usual, Labour’s plans would harm those they claim to want to help as they put their own ideology ahead of workers. We need your help to keep Corbyn’s Labour from power.
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