The Balance of Power: The European Utilities Credit Investor Digest - Ratings Migration, UK Nationalisation Risk and Italgas Spotlight

Research evidence excerpt

The Balance of Power: The European Utilities Credit Investor Digest - Ratings Migration, UK Nationalisation Risk and Italgas Spotlight

ever, resulted from attempts to rescue

failing industries and protect British jobs. A number of domestic sectors at the time were

struggling with international competition, low productivity and high costs. In the 2017

and 2019 Labour manifestos, the party proposed renationalising core infrastructure

sectors in the UK, including energy and water, with the aim of achieving lower prices

and greater accountability. Election defeat meant these policies were never carried out.

Table 2: Enacted and Proposed Nationalisations in the UK

Labour Government Nationalisations Labour Government Nationalisations Labour Party Proposed Nationalisations Andy Burnham Led Labour

(1946 - 1951) (1971, 1974-1977) (2017 / 2019) Government (2026 - ?)

Industries and companies nationalised: Industries and companies nationalised: Proposed nationalisations per manifesto pledges: "Greater public control of":

- The Bank of England - Rolls Royce - Gas and electricity networks (TSOs and DSOs) - Transport

- Civil aviation companies - The automotive industry (British Leyland - Gas and electricity suppliers - Energy

- The coal mining industry - The aerospace industry - Water companies - Water

- Cable & Wireless (telecoms network) - The shipbuilding industry - Train operating companies (as franchises expire) - Education

- Railway companies - British National Oil Corporation - Royal Mail - Housing

- Canal companies - Openreach (broadband and telecoms network)

- Road haulage companies

- The electricity supply industry

- The gas supply industry

- The iron and steel industry

Source: Various public and private sector reports, J.P. Morgan. As of Jul-26.