Labour will slash energy, water and post bills through public ownership it has announced.
The party in government will cut household bills by £220 a year under public ownership of utilities. Households are being ripped off with sky-high bills for energy, water and post to pay out billions of pounds to shareholders.
Labour will fix this broken model which makes ordinary people pay for excessive wealth in the hands of the few by instead bringing our utilities into public ownership for the benefit of the many.
The party has pledged to:
- Make households £220 a year better off under public ownership models for energy and water.
- Cap energy bills, invest in renewable energy and under public ownership bills will fall.
- Bring water companies into public ownership to drive down bills, reduce leaks and end the shareholder racket.
- Compensate for bringing water, parts of the energy sector and Royal Mail into public ownership by exchanging government bonds for shares in the relevant companies.
Cllr Stephen Morgan, Labour’s candidate for Portsmouth South, said:
“Figures released today bring home the Tories’ total failure to improve the living standards of working families.
Real wages are lower than they were in 2010 and, after seven years of the Tories, they are now falling again.
I welcome plans to slash utility bills which will support every single person in Portsmouth. In this day and age no family should be struggling to make ends meet in our great city”.
Under a Labour government, our economy will work for the many, not the few.