Some of the biggest investors in these companies are the savings institutions, insurance companies and pension funds, which look after the savings of millions of ordinary people.
If Labour nationalises the water companies and pays less in compensation than they are worth, it will be those millions of ordinary people whose pensions and savings will be worth less as a result.
Of course, Labour have form for this sort of trick. One of the first things Gordon Brown did when he became chancellor was his five billion pounds a year raid on pension funds, which took more and more as the years went on and essentially wrecked Britain's pension provision.
So you can's assume it will only be "the rich" who pay for Labour's programme if they win. If you have any savings, if you are paying into an occupational pension scheme, Corbyn and McDonnell have YOUR money in their sights.
- Labour plans to renationalise water companies, paying considerably less than their market value.
- John McDonnell said under a Labour government, parliament would decide the ‘appropriate payment’ pension fund holders will receive.
- This confirms that Labour are planning a massive raid on people’s pensions, letting politicians decide on a whim how much people will receive for investing their hard-earned money in a pension fund.
Why this matters:
Under Labour’s plans, millions of people will lose money in their retirement. Once again, its hardworking people who do the right thing that will be unfairly hammered by Jeremy Corbyn’s Labour.