Renationalisation of efficient and well-run private companies 'would be nuts', Prospect told the TUC today in the main debate on the economy.

Opposing a call from the rail union RMT for renationalisation of key sectors of the economy, Paul Noon said it could not be supported by his union.

Prospect had members in energy and telecoms and they did not want to return to the public sector, said the general secretary. "Why would they, for the benefit of pay freezes, job cuts and underinvestment?"

By any measure, private sector members had done better in negotiations than public sector members in recent years.

Noon said renationalisation would damage the pension schemes that invested in those companies as well as the members who owned shares in them. In addition it would "wreck the UK's position as a trading nation,” he warned.

However, Noon stressed that Prospect fully backed other points in the motion, which included calls for government support for manufacturing industry, easier industrial access to finance and meaningful job opportunities for young people. It was carried overwhelmingly.