John McDonnell Says That Public Ownership Will Cost Taxpayers Absolutely Nothing

Labour’s plans to bring services into public ownership would cost “absolutely nothing”, John McDonnell has said.

The shadow chancellor’s comments came as he outlined an agenda to put public services “irreversibly in the hands of workers” so they can “never again be taken away”.

He told a Labour gathering in London that public ownership is not just a “political decision” but an “economic necessity”.

McDonnell claimed his plans would not cost the taxpayer a penny, the Press Association reports.

He told Sky News: “It would be cost neutral because you would be bringing into public ownership an asset.

“In addition to that, you would not just have an asset – that asset would give you income.

“Instead of that income going to shareholders, it would come to the taxpayer.”