Shadow Chancellor John McDonnell has said a UK Government formed by Labour leader Jeremy Corbyn would nationalise the power industry.

In a speech to the party conference, McDonnell said: “Building an economy for the many means bringing ownership and control of the utilities and key services into the hands of people who use and work in them.

“Rail, water, energy, Royal Mail – we’re taking them back.”

Corbyn’s plans also include taking private finance initiatives (PFIs) back into public ownership.

Tories have ‘dithered’

McDonnell added: “Labour will ensure we become world leaders in decarbonising our economy.

“With a publicly-owned energy supply based on alternative energy sources.

“Where the Tories have dithered and delayed, to deliver zero-carbon electricity, we will absolutely commit for example to building projects like the Swansea Tidal Lagoon.”

> Read McDonnell's speech in full

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