Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Caroline Johnson(4 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Dr Caroline Johnson (Sleaford and North Hykeham) (Con)
What estimate has my right hon. Friend made of the effect on national debt of nationalising the National Grid and the effect it would have on the taxes paid by ordinary working people and the public services they receive in my constituency?
Mr Philip Hammond
We know that the cumulative burden of the commitments made by the Opposition Front Bench would reach almost £1 trillion over a Parliament, and I have heard—[Interruption.] If the shadow Chancellor has a number, no doubt we will hear about it in a moment; I have heard him say that it does not matter because these companies are profitable, so the profits will pay the additional interest costs. But let me tell my hon. Friend the Member for Sleaford and North Hykeham (Dr Johnson) something: I remember the last time we had widespread nationalisation in this country and—do you know what?—none of the companies the Government owned was profitable. Funny that, isn’t it?