McDonnell: No borrowing needed to renationalise rail

John McDonnell has said Britain's rail industry can be renationalised without the need to borrow money.
When asked by Sky News if the return of rail to government ownership would require any further borrowing or upfront cost, the shadow chancellor said: "No, on rail, not at all."He said: "We're doing the detailed work as well about how we'll do that."I'm confident we can bring it back into public ownership promptly and then have an efficient service. I'll tell you why - people are demanding it, they've had enough of being ripped off with high fares and a poor service."Mr McDonnell described a €176bn estimate on renationalisation by the Centre for Policy Studies as "laughable".He added: "I think it has been laughed out of court by any independent commentator. They're pursuing their own particular political agenda."If Mr McDonnell had a figure in mind, however, he was not sharing it with his shadow cabinet colleagues.
McDonnell: No borrowing needed to renationalise rail

Cost of rail nationalisation? Ask John
On the eve of Labour's annual conference in Liverpool, shadow minister for woman and equalities Dawn Butler said: "I can't give you a precise figure because I'm not the person that's doing all of the number crunching at the moment.
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