'Commanding heights of the economy': the postwar blueprint that inspires Burnham
In the second of a series on nationalisation, we look at the lessons from Clement Attlee’s administration
TL;DR
- Clement Attlee's government nationalised 20% of the UK economy and created the NHS between 1945 and 1951.
- Nationalisation plans were part of a broader strategy to transform the economy, not just emergency rescues.
- Owners were compensated with government bonds, making the programme relatively trouble-free.
- Productivity in nationalised industries in the 1970s compared favourably with privately run manufacturing companies.
- Public corporations set up by Herbert Morrison were perceived as bureaucratic and remote.
- Current Labour politician Andy Burnham shows an impression of viewing state ownership as more than a last resort, similar to Attlee.