It’s been a long time since nationalisation was on the political agenda. Now, with Jeremy Corbyn in charge, Labour has adopted the policy with enthusiasm. It doesn’t make much sense but it’s worth being clear on the economic arguments. The common criticism of the policy that’s been voiced in the election debate — that it will cost lots of money that Britain doesn’t have — is not right.

Labour’s manifesto proposes a “national transformation fund” of £250 billion to upgrade the economy. The policy includes nationalising Royal Mail, the railways, energy supply and water. I’ve no problem with the notion that government should borrow to modernise Britain’s infrastructure. Critics who complain about the cost of re-nationalisation are missing a point here. Transferring companies from the