Corbyn could seize back RM shares

[RobertT]

http://www.dailymail.co.uk/news/article ... ssets.html" onclick="window.open(this.href);return false;

Investors who buy shares in privatised utilities could have them confiscated by a future Labour government, Jeremy Corbyn’s campaign team warned last night.
John McDonnell, tipped to serve as chancellor in a Corbyn regime, said Labour ‘reserved the right’ to take back shares with ‘no compensation’ in order to renationalise state assets such as the Royal Mail and Royal Bank of Scotland.

It led to a sharp rebuke from Labour shadow chancellor Chris Leslie, who warned the move would effectively plunder pension funds and hurt charities with stock market investments.

Mr Leslie told the Daily Mail the policy would be a ‘seismic departure’ from longstanding international conventions that shareholders should be compensated when assets are nationalised. He said taking shares without compensation would breach natural justice, and could lead to a collapse in investor confidence in Britain.

Mr Leslie called on Mr Corbyn to rule out the plan, saying: ‘I have been very critical of the timing of the Government’s RBS sell-off, and of the fire sale of the Royal Mail, but it is misleading to suggest that once these assets have been sold they can be magicked back into public ownership for free without consequences.

‘It would hurt working people whose savings have been invested in those shares through their pensions. We need more public scrutiny of these kind of suggestions – we cannot just flick a switch and magically solve the country’s problems.’

Mr Corbyn has called for the renationalisation of large parts of the economy, including the railways,and the Royal Mail.
Last night he told the Financial Times that Ed Miliband lost the election because he was not left-wing enough. ‘We were offering “austerity light” instead of a real alternative,’ he said.

Mr McDonnell told the Observer anyone buying shares in a future privatisation, such as the impending sale of large stakes in RBS and the Royal Mail, could expect to lose them under a Labour government. ‘This shameful era of governments and ministers colluding in the picking of the taxpayers’ pockets will be brought to an abrupt end,’ he said.

‘Let’s also make it absolutely clear to any speculators in the City looking to make a fast buck at the taxpayers’ expense that if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.’
The row came as former Commons speaker Baroness Boothroyd warned Labour members were ‘galloping towards the precipice’ by considering voting for Mr Corbyn.

Meanwhile, there are continuing concerns about the validity of the Labour leadership contest, following an influx of 120,000 ‘registered supporters’ who have paid £3 to vote.
Last week Andy Burnham’s team warned ‘thousands’ of Tories and other infiltrators wanting to wreck the party have signed up to skew the result in Mr Corbyn’s favour.
Labour sources said up to 50,000 people may escape vetting because of a lack of time, leaving the door open to a potential legal challenge to the result next month.

[cyrus]

I'll hand my shares back free, with no problem.It was theft in the first place.

[NWpostie]

Corbyn will never get in Government anyway, some of his policies are cloud cuckoo and he has some questionable friends.

[slinder123]

we will have sold ours by then unlucky mr corbyn

[windermeredave]

I'll hand my shares back free, with no problem.It was theft in the first place.

Well why didn`t you opt out when you had the chance?

[baldrick]

http://www.dailymail.co.uk/news/article ... ssets.html

Mr McDonnell told the Observer anyone buying shares in a future privatisation, such as the impending sale of large stakes in RBS and the Royal Mail, could expect to lose them under a Labour government. ‘This shameful era of governments and ministers colluding in the picking of the taxpayers’ pockets will be brought to an abrupt end,’ he said.

‘Let’s also make it absolutely clear to any speculators in the City looking to make a fast buck at the taxpayers’ expense that if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.’

This is another DM scare story. There is no plan to 'seize' shares already sold or given to individuals. It is a warning to City speculators that any future undervalued share offers might be brought back into public ownership.

[cyrus]

I'll hand my shares back free, with no problem.It was theft in the first place.

Well why didn`t you opt out when you had the chance?

Better to have a say in RM, by being a shareholder than not.

[Surreypostie]

I'll hand my shares back free, with no problem.It was theft in the first place.

Well why didn`t you opt out when you had the chance?

Better to have a say in RM, by being a shareholder than not.

Your 700 odd shares give you that much influence do they?

[toomuchcoke]

Better to have a say in RM, by being a shareholder than not.

Your 700 odd shares give you that much influence do they?

Certainly give you more influence than having 0 shares!

[cyrus]

I'll hand my shares back free, with no problem.It was theft in the first place.

Well why didn`t you opt out when you had the chance?

Better to have a say in RM, by being a shareholder than not.

Your 700 odd shares give you that much influence do they?

Not much influence... but I can vote against Moya Greene getting a wage rise.

[mickeymacca]

http://www.dailymail.co.uk/news/article ... ssets.html

Mr McDonnell told the Observer anyone buying shares in a future privatisation, such as the impending sale of large stakes in RBS and the Royal Mail, could expect to lose them under a Labour government. ‘This shameful era of governments and ministers colluding in the picking of the taxpayers’ pockets will be brought to an abrupt end,’ he said.

‘Let’s also make it absolutely clear to any speculators in the City looking to make a fast buck at the taxpayers’ expense that if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.’

This is another DM scare story. There is no plan to 'seize' shares already sold or given to individuals. It is a warning to City speculators that any future undervalued share offers might be brought back into public ownership.

Exactly, I can't see how this can be interpreted in any other way. Its depressing that any value is given to anything spouted about in that rag....people are actually discussing this story (me included)......(heavy sigh)