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John McDonnell Labour Shadow Chancellor has given an interview to the Financial Times outlining a ‘tenants right to buy’ policy idea first muted by Jeremy Corbyn in 2015 stating it would be a “great and radical solution to the burgeoning buy-to-let market.”
Labour want to redistribute wealth and raise living standards by forcing landlords to sell to tenants at a predetermined discount under a scheme similar to Margaret Thatcher’s council right to buy policy in the 80s.
McDonnell said: “You’d want to establish what is a reasonable price, you can establish that and then that becomes the right to buy. You (meaning the Labour party) set the criteria. I don’t think it’s complicated.”
“We’ve got a large number of landlords who are not maintaining these properties and are causing overcrowding and these problems.”
“In my street now a third of the houses are right to buy, badly maintained, overcrowded. It’s horrendous.”
Conservative MP, Michael Fabricant, told the MailOnline: “McDonnell has promised he would overturn the mixed-economy capitalist system if he came to power. This manoeuvre is just the start.”
“It would decimate the rental market in the UK, creating a shortage of properties available to rent.”
Andrew Bridgen, another Tory MP, said: ‘This is a frightening insight into what it would be like if this man ever became Chancellor of the Exchequer.
“These policies would destroy the private rental market as well as crash the entire housing market. It would also lead to a rise in homelessness, which Labour claims to be against.
“It’s true to his declared ambition to destroy capitalism.”
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