LABOUR MP Angela Smith, who has vested interests in the water industry, told a conference today that she backs private water suppliers over her party’s plans for renationalisation.

Ms Smith made a speech on the first day of the two-day Twenty65 conference in which she said that Labour’s commitment to renationalise the water monopolies is uncosted, undeveloped and should not be a priority policy.

Writing for the Times today, she states that Labour’s plan to nationalise the water industry would cost up to £90 billion.