Lord Norman Tebbit served in Margaret Thatcher’s Cabinet from 1981 to 1987. The former Chairman of the Conservative Party explained BT was short of capital because it depended on the Chancellor of the Exchequer. Speaking to Express.co.uk, Lord Tebbit said: “Most people on the shop floor are interested in who runs and owns the business, they’re interested in their job, their pay packet.
“That is more secure in the private sector than the public sector, state sector.
“I de-nationalised BT. BT was a subsidiary part of the post office.
“They weren’t in the business of selling you a telephone, they were in the business of rationing telephones.”
He went on the explain what a “party line” is.
READ MORE: Ex-Labour MP explains why Boris’ Brexit deal is BETTER than May’s
Lord Norman Tebbit explained why renationalising BT in wrong
Jeremy Corbyn wants to give free internet to all UK residents
Lord Tebbit added: “A party line in those days is not what the chairman of the Conservative or Labour party says.
“A party line was a telephone number that you shared with a neighbour.
“If they were using the phone, you couldn’t.
“One of the reason for that was a company like BT was all short of capital.
Lord Tebbit said there was no capital for BT when it was nationalised
“Why was it short of capital? Because it depended on the Chancellor of the Exchequer.
“When the boss of a nationalised industry went along to say this is why corporate brands for the next five years, I’d like you to be able to guarantee me this capital investment programme.
“The Chancellor will say ‘terribly sorry but the NHS needs the money more than you do so, no I can’t’.
“They never got their corporate plans right.”
Labour backlash: Candidate savaged for list of ‘benefits’ broadband [VIDEO]
Jeremy Vine guest in row over irrelevant Corbyn broadband policy [VIDEO]
Jeremy Corbyn confuses viewers who ask ‘is he outside in the snow?’ [VIDEO]
The Labour Party has received a lot of backlash for the plans to nationalise parts of telecoms provider BT’s network if it won power in the December 12 election to provide free full-fibre broadband for all.
The news sent BT shares down 2.7% in early deals, to the bottom of London’s blue-chip FTSE 100 index.
The plan would require a sweeping upgrade of Britain’s internet infrastructure that would be paid for by raising taxes on tech firms such as Alphabet’s Google, Amazon and Facebook and using its Green Transformation fund, Labour said.
Labour said it would nationalise Openreach – the digital network arm of the country’s biggest broadband and mobile phone provider – as well as parts of BT Technology, BT Enterprise and BT Consumer.