Keir Starmer rules out nationalisation binge after bringing rail network into state ownership

But speaking to reporters in New York City, he made clear that he did not believe there was a wider role for the state in running more businesses.

The comments would suggest that the PM is going to face down calls from campaigners to nationalise water companies, for example.

Keir Starmer spoke to reporters in New York City

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He said: “By and large I think that business is best run by those in the private sector who’ve got great experience and know what they’re doing, and that governments partner with them.

“So the ideal model, as far as I’m concerned, is the government of the day sets the strategic agenda, if you like, the five missions in my particular case, that is the right thing to do for a democratically elected government.

“We then partner with business, and we’re making a big ask of business which is come alongside us and deliver our missions with us, in this case, economic growth.

“And the government is your partner in that and that means that we ensure that the conditions are good for investment and good for business.”

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The Prime Minister committed again in his party conference this week to bringing the rail network back into state control

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Starmer cited how the Government was reforming the planning system to get more new homes built, while setting up a National Wealth Fund to drive economic growth.

He added: “GB Energy is intended to be a catalyst as well as an energy company to ensure that we can take the bumps out of the road for those that want to get to our mission on Net Zero”.

He continued: “I think the railways do need to come into public ownership.

“I think anybody who’s travelled on the train recently would give that a big thumbs up, as the British public do.

Starmer cited how the Government was reforming the planning system to get more new homes built, while setting up a National Wealth Fund to drive economic growth

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“I think GB Energy needs to be a publicly owned entity as we harness the opportunities.

“But as a general proposition, I think businesses are best run by businesses.”