Labour is thinking about letting tenants buy the private homes they rent at a discount with a controversial right to buy scheme.
Shadow Chancellor John McDonnell has revealed the policy would be introduced if the party wins power in the next General Election.
The aim is to offer tenants the chance to buy the home they rent at a price set by the government that would be much cheaper than the open market value.
“You’d want to establish what is a reasonable price, you can establish that, and then that becomes the right to buy. The government sets the criteria. I don’t think it’s complicated,” said McDonnell.
“We’ve got many landlords who are not maintaining these properties and are causing overcrowding and problems. In my street now. A third of the houses are right to buy, badly maintained, overcrowded. It’s horrendous.”
The scheme is seen as tory Prime Minister Margaret Thatcher’s Right to Buy policy in reverse.
She allowed council house tenants to buy their homes at a massive discount.
The Labour idea was first suggested by Jeremey Corbyn while campaigning to become party leader in 2015, but was not adopted as policy.
McDonnell also wants Britain’s 7,000 largest companies to take £300 billion of shares from investors to hand them to workers.
If Labour wins the election, they will introduce a law forcing companies with more than 250 employees to distribute 10% of their shareholding to the workers.
McDonnell did not explain how Labour will fund the policies or if landlords and investors would pick up compensation for the party taking their investments.