Labour says it cannot nationalize failing water companies because it will cost far too much ‘taxpayer’s money’. They clearly do not understand the lessons from their own history. In 1947 not a penny was paid for the railways, mines and steel industry they nationalized. They paid with government bonds and no cash changed hands. They could do that again now.

ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.

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