Labour had vowed to nationalise the rail industry within five years

Industries that Labour had vowed to nationalise rallied on Friday as the party’s resounding defeat removed the threat of cut-price state takeovers.

Energy, water, rail, mail and telecoms stocks including National Grid, United Utilities, Go-Ahead and BT all posted strong gains as executives and investors breathed a huge sigh of relief at the Conservative victory.

Jeremy Corbyn had vowed a sweeping wave of nationalisation including gas and electricity networks, household energy suppliers, water utilities, Royal Mail and rail operators.

Labour had indicated it would not pay market values and the threat has weighed heavily on shares with some companies even opening overseas holding companies to try to protect investors.

In the FTSE 100 National Grid, which owns gas and electricity transmission networks, and Centrica, owner