Kier Starmer will be urged to reconsider Labour’s policy on renationalising the energy sector this week by Labour’s biggest financial backer Unite the union.
Billions could be cut from average household bills if the sector was brought back into public ownership, the union has argued, putting an end to the current system which has led to “rampant profiteering” by energy companies.
Sharon Graham, Unite’s general secretary, is to urge Keir Starmer to reconsider Labour policy on nationalising the energy sector since the party leader U-turned on previous plans to nationalise the energy, mail and water industries.
The Labour party has promised to renationalise the rail system and to create a new, publicly-owned clean energy company to push for green energy.
But average energy bills could have been cut by £1,800 last year if the sector was fully nationalised, saving bill payers £45 billion, which is the amount companies made in profit from the UK domestic energy system in 2022, the latest report by Unite has revealed.