When a Labour government nationalises the water industry, or the energy sector, it ‘buys’ an asset. As the Times article notes, “the government also gains ownership of its revenue streams, which will pay for the borrowing”. In taking control of the asset, the government also assumes control of its earnings.

The Institute for Fiscal Studies has previously noted that the “cost” element of nationalisation is the “least interesting issue”. It uses this enlightening analogy: “If I borrow £200,000 to buy a house worth £200,000, I do not become £200,000 worse off at the moment of purchase.” This is something we can all understand. But the right refuses to acknowledge that nationalisation is an investment, instead weaponising it for political gain.

The Conservative party continues to make a serious defence of private involvement in natural monopolies because their donors and friends in the financial elite depend on them to do so

It seems a foolish weapon to choose. The Lagatum Institute – no friend to socialism – found that 83 percent of respondents to their joint research with Populus supported nationalisation of the water industry. This included 76 percent of Conservative voters at the 2017 general election.

The report also found 76 percent supported the nationalisation of the trains, including 65 percent of Conservative voters. A YouGov poll released one month ahead of the 2017 general election found that a majority of voters also supported the nationalisation of bus companies, the energy companies and Royal Mail along with the water industry and the railways.

There is huge support for Labour’s nationalisation policy across all age and political groups.

The Tories protect their friends

This is just another area where Theresa May’s government finds itself completely out of step with the majority of our country. The Conservative party continues to make a serious defence of private involvement in natural monopolies because their donors and friends in the financial elite depend on them to do so.

The right-wing press is happy to push such lines for the same reason – many of their own interests rely on ensuring that private hands remain in control of public goods. The Labour party must charge on with a policy that is both financially sound and popular with the public.

If the last election has taught us anything it is that Labour must be bold in the solutions it offers for years of Tory failure.

@liamyoung