John McDonnell vows Soviet takeover of industries that ‘would bankrupt Britain’ in first 100 days of PM Corbyn
JOHN McDonnell on Monday night vowed to ram through Soviet-style plans to seize control of industries within the first 100 days of a Labour government.
The shadow chancellor said he will renationalise Britain’s water and energy firms and plonk workers, customers and politicians in charge of them.
And the Labour bigwig would deliver an emergency Budget on February 5 as part of his hard-Left plan to totally rewire the economy.
Furious business chiefs lashed the barmy proposals, warning they will spell disaster and drive jobs and investment out of Britain.
Phones4U founder John Caudwell personally confronted Mr McDonnell over his loony left vision.
He warned terrified business bosses are planning to flee Britain to escape Jeremy Corbyn’s punishing crackdown.
Rounding on Mr McDonnell directly, he said Labour’s plans “frighten me to death for the future of Britain”.
WHAT'S THE HARD-LEFT PLAN?
Launching his socialist-style Treasury blueprint in London, Mr McDonnell said he will tear up Britain’s current economic model.
He vowed to move parts of the Treasury out of London and to the North by early next year.
And he suggested he — and not the British public — knows what is best for the country.
He said: “A decade of austerity, and 40 years of believing the market knows best, have dulled people’s sense of what’s possible, just as they were intended to do.”
Ramping up his attack on the Tories, the socialist said Conservatives “hate the people of this country”.
But Tory chiefs and businesses blasted his blueprint and warned that it will backfire massively.
Tory chairman James Cleverly reckoned: “It would take less than 100 days for Corbyn to plunge the country into an economic crisis with their extreme plans.”
He warned “investment flees, mortgage rates rise, pensions are hammered and livelihoods put at risk with Corbyn at the wheel, propped up by Nicola Sturgeon’s SNP”.
Michael Roberts, chief executive of Water UK, which represents water companies, stormed: “Labour’s priority for nationalisation flies in the face of all the evidence against it.”
He added: “When you consider all of the evidence, the nationalisation of the water industry in England would be bad for customers, bad for the environment and bad for the economy.”
UK PLC 'IN THE RED'
It comes just days after the respected Institute for Fiscal Studies warned Labour’s nationalisation programme would risk “years of disruption” and leave Britain with a whopping £150billion debt.
The Energy Networks Association — representing energy companies — said: “Pushing through proposals for state ownership are a needless distraction that will delay and disrupt Britain’s efforts to reach net zero.
“A system based on private investment has already helped make Britain a superpower of renewable energy. Let’s build on that, rather than wasting time by scrapping a system that works.” Meanwhile Mr Caudwell personally rounded on Mr McDonnell’s vendetta against the rich.
The phone tycoon — who has vowed to leave most of his £1.5billion to charity — accused Labour of driving away business and jobs from Britain.
He declared: “Nearly every wealthy person I know is thinking of leaving the UK — including me — if Labour get in.” He said he would not have set up his business in Britain if Mr Corbyn was PM, in a confrontation filmed by the BBC Radio 4 Today Programme.
Mr Caudwell said: “When I hear words like ‘nobody deserves to be a billionaire’ and phrases like, ‘we’re going to tax high technology companies’, it frightens the living daylights out of me and out of society.”
He added: “I’ve paid over £300million in total if you take capital gains tax as well as income tax. I’m happy to do that because it is a contribution to society, the society that helped me be successful and a society that desperately needs my tax dollars.
“In addition I spend probably at least 60 or 70 per cent of my waking hours on charitable purposes.”
most read in politics
He added: “What you are doing as a Labour Party is destroying confidence and if you destroy confidence, nearly every wealthy person I know is thinking of leaving the UK, including me if Labour get in.”
Mr McDonnell desperately tried to downplay his hatred and insisted that Labour is pro-business.
He said: “I applaud what you do. I have actually said I do pay tribute to those people, the entrepreneurs who create the wealth, who pay their taxes and act responsibly.”
- GOT a news story? RING us on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL exclusive@the-sun.co.uk