Labour plans to take National Grid into public ownership

Labour wants to nationalise the National Grid and install solar panels on nearly two million homes, Jeremy Corbyn will announce today. 

In a radical plan, the Labour leader says low-income households would benefit from the changes, which could see millions lifted out of fuel poverty.

But the Conservatives have criticised the idea, saying it could cost more than £100bn to nationalise the grid and saddle the taxpayer with huge debts.

Labour says the scheme could provide free energy and save an average of £117 a year on household bills.

It is also estimated that the proposed policy will create 16,900 jobs and save 7.1million tonnes of CO2, equivalent to taking 4million cars off the UK’s roads.

Jeremy Corbyn has said low income households would benefit from the changes
Image: Jeremy Corbyn has said low income households would benefit from the changes

Any unused electricity generated by the programme would be used by the National Grid, which it is claimed would raise an additional £66m a year for local authorities.

Mr Corbyn said: “By focusing on low income households we will reduce fuel poverty and increase support for renewable energy.”

More from UK

Shadow Secretary of State for Business, Energy and Industrial Strategy Rebecca Long-Bailey said nationalising the grid was a measure to tackle climate change.

She added: “Only by taking the grid into public ownership can we decarbonise the economy at the pace needed to secure the planet for our children and grandchildren while ending the rip-off, creating good jobs in local communities and making heating and electricity a human right.”

Labour also plan to put solar panels on two million homes
Image: Labour also plan to put solar panels on two million homes

Conservative Vice Chairman for Policy, Chris Philp MP said: “Corbyn’s ideological plan for the state to seize these companies would cost an eye-watering £100billion and saddle taxpayers with their debts. It would leave politicians in Westminster in charge of keeping the lights on and leave customers with nowhere else to turn.

“With no credible plan for how Labour would pay for this, more borrowing and tax hikes would be inevitable.

“Through measures like our energy price cap, the Conservative government will continue to protect people from unfair bill rises while increasing renewable electricity to a record high.”

Labour said they wanted to give new public agencies the power to deliver the party’s ambitious climate change targets and to tackle fuel poverty.

A new national energy agency would own and maintain transmission infrastructure, replacing the National Grid.

The agency would ensure access to electricity and heat as a human right and set and oversee targets for decarbonisation to meet Labour’s target of 60% renewable energy by 2030 and net zero carbon before 2050, Mr Corbyn said.

Let’s block ads! (Why?)

Business News – Markets reports and financial news from Sky

Leave a Reply

Your email address will not be published. Required fields are marked *

Powered by WP Robot