Global Research

The Tory press is apoplectic in their fear of public utilities and the railways being taken back into state ownership and the consequent loss of huge dividend payments to already wealthy investors.

Labour’s shadow chancellor, John McDonnell, in his speech at the Labour Party conference in Liverpool detailed plans to renationalise the water companies and sack their current executives before re-advertising their jobs with dramatically reduced salaries.

Sources within the Labour Party confirmed that such action would apply to all utility sectors taken back into public ownership and that the huge dividends currently paid out to private and other shareholders would instead be reinvested in the companies themselves.

There is little doubt that the electorate as a whole is sickened by the profiteering of the water, power and electricity companies since privatisation that has seen utilities bills double and treble since being sold to the private sector in a move that has made billionaires out of the sale and resale of these national assets often to foreign investors.

Now that it seems more than likely that there will be a Labour government, the moneyed classes are already making plans to move their assets and themselves abroad. The United Kingdom government under Labour will in future work for the people as a whole and not merely to enrich the city bankers and hedge fund operators.

The Institute of Directors (IOD) and the Confederation of British Industry (CBI) are incandescent with rage and impotent in their fury in the face of the anticipated reforming Labour government that will replace eight years of Tory rule.

Now Britain looks forward to a new technological age where railways are super efficient with up to date rolling stock and well maintained track, that enables trains to run on time and where utility bills reflect the true cost of provision and not of dividends to fat cat investors.

A country where British national assets are returned to public ownership and control and where Thatcherism is recalled as just another failed Conservative party policy that served to enrich its own supporters whilst impoverishing the rest of us.

Those days will soon be long gone.

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Hans Stehling (pen name) is an analyst based in the UK. He is a frequent contributor to Global Research.