Corbyn calls to renationalise the big six and National Grid

The left wing leadership candidate told Greenpeace a government under his control would buy up shares in British Gas, EDF Energy, Eon, Npower, Scottish Power and SSE until the state owned a controlling stake in them.

The Islington North MP, who is a narrow second in the leadership contest, added he would also look to renationalise National Grid in the same manner.

He said: “I would want the public ownership of the gas and the National Grid. I would personally wish that the big six were under public control, or public ownership in some form.”

Corbyn did not elaborate on how a government under his leadership would buy stakes in EDF Energy, Eon, Npower and Scottish Power, all of which are owned by larger overseas companies.

He told the Financial Times he does not want the national government to control the entire UK power supply, but added it “should be publicly owned, whether that’s at community, municipal or national level”.

These plans for the state to take a controlling stake in the UK’s power supply, which Corbyn said would be expensive, would be funded by taxing higher earners by reintroducing the 50 per cent tax and “taxing the wealth of the super-rich”.

Leadership rival Andy Burnham published his leadership manifesto yesterday, and outlined his plans to introduce a moratorium on fracking, until there is “much clearer evidence” on the environmental impacts.

Burnham, the narrow current favourite in the leadership contest ahead of Corbyn, also made the pledge to renationalise the railways, a policy position shared by his rival.