Panicking firms take steps to ‘Corbyn-proof’ themselves in case socialist Labour boss takes power

Panicking firms take steps to 'Corbyn-proof' themselves in case socialist Labour boss takes power

PANICKING firms are trying desperately to ‘Corbyn-proof’ themselves in case he ever becomes Prime Minister.
Water and power firms – which Labour wants to nationalise if they win the next election – are trying to protect themselves from an attack if he becomes PM.
Getty Images – Getty Jeremy Corbyn wants to nationalise the water and power industries if he becomes PM
The Labour boss has also said he would take control of Britain’s railways, Royal Mail and the Royal Bank of Scotland.
And as the Tories take a nosedive in the polls over Brexit, some firms are getting more spooked than ever and taking the prospect of a Corbyn Government seriously.
Thames Water recently added a clause to its bonds to ensure shareholder are repaid immediately if it were ever nationalised, Reuters reported.
And many foreign pensions and investment funds are opting to shift their assets overseas where they will be better protected.
“Your biggest fear as a bond investor is if your bond gets nationalised for less than market value,” Dan Neidle, partner at Clifford Chance, said.
“Labour have said they will honour the debts of nationalised businesses, but a large number of investors and infrastructure businesses remain concerned. The discussions we are having are increasing over time.”
Shares in utilities in the UK have also fallen since Labour’s plans were revealed just before the 2017 election, and investment in some firms is down too.
Other financial experts say it’s impossible to properly protect against a future Corbyn Government, and they should be ready for it if it happens.
Alamy Labour want to take back control of the railways too
missed THE PINT Oldham boss says Farage ‘just stayed in pub’ when he visited after race row WIDDY’S WORK ROW Nigel Farage faces backlash after Ann Widdecombe slams pension campaigners UKIP SEX SHAME Top Ukip candidate says it’s OK to rape young boys in sick YouTube rant OFF THE MONEY SNP votes to ditch the pound and adopt new currency for Scotland TAXING TIMES Over-50s ‘should face £300-a-year NI tax hike to prevent social care meltdown’ ‘WHAT’S THE POINT?’ Piers slams lefties over ‘childish’ Trump protests – but wants a blimp ExclusiveTIPPLING POINT Secret checks being carried out in scheme to hike tax on booze and ciggies ‘YOU’VE BETRAYED DEMOCRACY!’ Lord Of The Rings star gets standing ovation for Brexit blast WEB SAFE SUMMIT Web giants to meet with Samaritans in bid to protect youngsters online WAR OF WORDS New definition of Islamophobia ‘could cripple war on terror in UK’
It’s unlikely, though, that they would nationalise everything all at once due to the high cost it would be to the taxpayer.
Mr Corbyn’s plans to renationalise those key industries would cost each household £6,500, a study found last year.
Chancellor Philip Hammond said the damning dossier “lays bare Labour’s fantasy economics”.
A Labour party spokesperson said: “The benefits of taking water into public ownership are clear: ending rip-off prices and excessive dividends for private companies and investing in the long-term future of our economy.”
Labour Leader Jeremy Corbyn says No10 talks on Brexit with PM Theresa May were ‘useful but inconclusive’

We pay for your stories! Do you have a story for The Sun Online politics team? Email us at or call 0207 782 4368. We pay for videos too. Click here to upload yours


Please enter your comment!
Please enter your name here