Another day, another Labour plot to nationalise a business. This time, the not-so lucky company in question is… beleaguered Poundland.
In the House of Lords this afternoon, Sir John Redwood asked business minister Lord Leong whether he would rule out a subsidy or nationalisation of Poundland in response to the retail giant’s closure plans. Lord Leong’s answer was categorical: ‘The answer is no.’
The Tories were quick to condemn the ‘insane’ declaration. Shadow Chancellor Andrew Griffith said:
The hard truth is that in a dynamic economy, businesses are created, whilst others sadly fail. We cannot expect taxpayers to step in and solve all of life’s problems.
Around half an hour later came another Labour U-turn. Government sources scrambled to dismiss the Lords exchange as a misspeak and insisted there are no plans to nationalise Poundland. Mr S is left wondering whether anything is safe from a government raid – or whether this mooted buyout was yet more bargain-basement politics.
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