UK Labour Pledges 'Battle' Over Workers' Rights After Brexit

UK Labour Pledges 'Battle' Over Workers' Rights After Brexit

The Labour Party has revealed plans to renationalize Britain's public services - everything from energy and water, to the railways and Royal Mail.

'We're not asking for the earth we simply want to make sure the rich and the corporations pay their way'.

Shadow chancellor John McDonnell has conceded that Labour's Mayor of Greater Manchester Andy Burnham "has got a point" when he warns that the party is too "London-centric".

Mr McDonnell told Labour's annual conference in Brighton that it was a "scandal" that PFI deals will result in almost £200 billion being paid to private companies from the public sector during the next few decades.

"In the NHS alone, £831 million in pre-tax profits have been made over the past six years".

'We'll put an end to this scandal and reduce the cost to the taxpayers. How?

Mr McDonnell will call on ministers to act on the issue - and pledge that a future Labour government would step in if they fail.

Huge public building projects would no longer be funded by private finance, and even existing PFI contracts would be "brought back in-house".

McDonnell also suggested companies registered in tax havens would be blocked from investing in PFI projects.

'The government could intervene immediately to ensure that companies in tax havens can't own shares in PFI companies, and their profits aren't hidden from HMRC.

According to the AJ's sister title Construction News, the shadow chancellor added that he would launch a new government-backed energy company "working with the co-operative sector on a scale never seen before in this country".

Labour said it estimated 433,000 people who took out credit cards since 2010 have already paid total interest and other charges exceeding the full amount they borrowed. It limited the interest that can be charged on loans of 30 days or less to £24 per £100 lent.

Under the plans, shareholders would receive a reimbursment with government bonds and "behaviour" would have a high impact the amount rewarded to the companies.

Mr McDonnell will say the policy would help more than three million credit card users who are "trapped by their debt".

But the director of the independent Institute for Fiscal Studies, Paul Johnson, told the programme that taking back contracts would cost "an terrible lot upfront" unless Labour was planning to expropriate them.

"The FCA has recently consulted on a package of measures to help those in persistent debt". "We now have to prove that we will be an effective governing party".

"In 1997, after 18 years of Thatcherism, when whole industries and communities across our country had been destroyed by the Tories and our public services were on their knees, it was the Blair/Brown government that recognised and delivered the scale of public investment that a 21st century society needed", Mr McDonnell said. "And it will be up to us to lay the foundations of the new world that awaits us".