Labour’s energy grab

Labour’s energy policy is essentially theft: seize control of the transmission structure and pay compensation at below the market rate. This is illegal under international law and would sting pension funds, while destroying the UK’S reputation as a good place to invest.

The move is also completely unnecessary. The goals of generating more from renewable sources and keeping prices down may be laudable, but the green transition is already happening and if a Labour government did want to, say, cover social housing in solar panels there is no reason why it cannot subsidise that without nationalising the energy sector. National Grid has said nationalisation will in fact delay the “progress and investment that is already helping to make this country a leader in the move to green energy”.

Prices in the UK have been relatively low by European standards, too – and if anyone is stuck on an unreasonable tariff, the answer is greater competition, not less. It is an odd contradiction that this is a thriving capitalist country and yet so many British consumers still do not shop around: Ofgem says that an astonishing 61 per cent of customers have only switched supplier once or not at all. A government that really cared about consumer rights would focus on fixing that, rather than creating a monopoly that history tells us would only result in a worse service.

This is why the Tories have to get their act together. Labour has big plans for our economy and, if the centre-right vote is split over Brexit, there is a risk that Jeremy Corbyn will slip into No10 almost by default. As always, it will be the poorest who will suffer the most from the chaos the Labour Party wreaks.