CBI business chiefs brand John McDonnell ‘toxic’ as they criticise Labour’s radical renationalisation plans

BUSINESS chiefs have branded John McDonnell “toxic” in an outspoken attack on Labour’s radical plans to nationalise swathes of British industry.

On the eve of the Shadow Chancellor’s speech to Labour Conference, the CBI made one last desperate plea for the self-styled Marxist to work with business rather than attack them.

And they warned investors were already “fleeing” the country because of the existing uncertainty around the plans.

Labour last year vowed to renationalise the water industry as well as Royal Mail, the railways, National Grid and power operators.

Mr McDonnell was expected to add further detail tomorrow.

'SERIOUS KNOCK-ON EFFECTS'

Matthew Fell, CBI policy chief, said: “Loose talk of renationalisation will be toxic to investors already reeling from existing uncertainty.

“Sending the right signals matters for the UK economy.

“Without private sector investment and innovation, efforts to tackle climate change or upgrade infrastructure will falter, with serious knock-on effects.”

Labour yesterday reiterated calls to up taxes on the ‘richest’ five per cent of Brits in the country to pay for a £8billion social care revolution.

Labour plans to introduce “free personal care” such as help with getting in and out of bed or preparing meals to every OAP in the country.

The move will more than double the number of people receiving state-funded care and reduce the number facing “catastrophic” costs, the party said.

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