Letter from Mark Langabeer, Hastings and Rye Labour member
Cat Hobbs, the founder of the on-line campaign group called, We Own It has made a powerful case for public ownership of the energy companies. Come April, the annual cost for electricity and gas in a typical house will rise by £693. It has been estimated that six million will end up in fuel poverty.
While supporting the Labour Leadership’s call for a one-off windfall tax on oil and gas companies of 10% , in order to reduce the rise in bill’s, Hobbs argues that they should go further and bring the energy sector into public ownership.
The We Own it campaign says that £200bn have gone to shareholders since 2010.The cost of retaining the current amount would be £20bn. The gas and electric companies are expected to make £40bn this year. They could freeze prices and still make a profit.
Hobbs points out that public ownership of the transmission and distribution of energy supply would save £3.7bn and the National Grid (A private monopoly) alone paid shareholders £1.4bn in 2021. Research suggest that prices are between 20% to 30% lower in countries that have publicly-owned energy supplies.
I’ve not seen one member of Labour’s frontbench call for public ownership, despite it being the policy of the Party. Kier Starmer was elected leader on the basis of his ten pledges, one of which was public ownership of energy supply. In my opinion, members should send motions to the Party Leadership, demanding a policy that prevents massive hikes in energy bills, and that requires the public ownership of the oil, gas and electricity companies.
