LONDON, Feb. 10 (Xinhua) -- Britain's main opposition Labor Party outlined plans Saturday that would see key services such as rail, energy and water brought back into public ownership.

The party's program of public ownership was outlined in a keynote speech in central London by Labor's Shadow Chancellor of the Exchequer John McDonnell.

Public ownership of transport undertakings and main utilities was dismantled in the 1980s by an aggressive privatization policy introduced by the then Conservative prime minister Margaret Thatcher.

Now many of Britain's rail operations and utility services are owned by overseas companies.

Labor believes there is a growing public thirst for returning the operations to public ownership.

In his speech, McDonnell said the next Labor government will put democratically owned and managed public services irreversibly in the hands of workers, and of those who rely on their work.

McDonnell said taking back control of the industries would not see them returning to the hands of remote bureaucracies, but to put them into the hands of all of all of the people so that they can never again be taken away.

"Public ownership is not just a political decision, it's an economic necessity," added McDonnell. "We'll move away from the failed privatization model of the past, developing new democratic forms of ownership, joining other countries, regions and cities across the world in taking control of our essential services.

McDonnell added that taking services back into public ownership will not cost British taxpayers any money and will be paid for by issuing bonds for shares to fund the program.

He cited the water industry saying water utility companies had given out 25 billion U.S. dollars in dividends to their shareholders.

McDonnell's speech was immediately attacked by the Conservative government as well as industry commentators. One body said it would cost 125 billion U.S. dollars alone just to take the water industry back into public ownership.

The government's Treasury Chief Secretary Liz Truss said: "Independent reports show Labor's renationalization plan will cost taxpayers billions and lead to worse services for people.

"Labor would put politicians in charge of running everything from the phone lines to electricity supply, meaning people have nowhere to turn when things go wrong. That didn't work last time and won't work this time," Truss said.