He gave broad hints that a Labour government would restore the original Clause Four commitment to collective ownership which had been abandoned under Tony Blair’s New Labour.
He also wants companies with more than 250 employees to hand over 10 per cent of their equity to workers.
“At the heart of our programme is the biggest extension of economic democratic rights that this country has ever seen,” said McDonnell.
“A wilful misunderstanding of business” was the verdict of Carolyn Fairbairn of the CBI.
It is estimated that Mr McDonnell’s plan would add an extra £2,000 a year to average household utility bills. Said Robert Jenrick, Exchequer Secretary to the Treasury: “Labour’s ideological renationalisation plans come at a cost – and that’s to hardworking families’ monthly bills.”
This is no time for crazed Marxist experiments with an economy that is only just recovering from the shocks of the crash of 2008.
And how would this nationalisation project be paid for?
The shadow chancellor is as vague as he is dogmatic. At least he has laid his cards on the table.
We now know what would be in store if Jeremy Corbyn ever entered Downing Street.
The curse of loneliness
An epidemic of loneliness is a major public health concern. And as longevity increases this awful social problem will only get worse.
Loneliness, as Caroline Abrahams of Age UK says, “not only makes life miserable for people it can also make them a lot more vulnerable to illness and disease”.
While loneliness is an affront to our sense of decency and humanity it is also another burden on the cash-strapped NHS.
Lonely people are at risk of heart disease, stroke and high blood pressure with an increased chance of dementia.
We urge our readers to support Esther Rantzen’s Silver Line charity which aims to reduce loneliness with a simple, friendly phone call.
We must all reach out to older people and make them feel that they are a valued part of the community.
Scrabbling for a meaning
It’s always said that trends begun in America soon arrive here.
But Scrabble fans may not wish to see the new Official Scrabble Players Dictionary published across the pond.
It allows such dubious words as “OK” and “ew”.
We understand OK. But “ew”.
What on earth does that mean?
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