UK employers slam $249 billion cost of Labour renationalization plans

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UK employers slam $249 billion cost of Labour renationalization plans
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A British employers' group criticized on Monday what it said would be the &...

LONDON - A British employers’ group criticized on Monday what it said would be the “beyond eye-watering” cost of the opposition Labour Party’s plans to return utilities, train companies and the Royal Mail to public ownership.

The Confederation of British Industry said Labour’s plans would have an upfront cost of 196 billion pounds , assuming Labour paid the full market value of companies involved - similar to a 176 billion-pound estimate made last year by the pro-privatization Centre for Policy Studies think tank. Labour described the CBI’s estimate as “incoherent scaremongering” and said it overvalued the assets of utilities owned by privately held companies by applying a 30% premium to their book value.

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