The British Labour Party decided to get back to basics and revise changes in the party's constitution made by former leader Tony Blair in 1995 when he moved away from a commitment for the nationalisation of the "commanding heights" of the economy as one of the party's primary goals.
The national executive committee (NEC) of the party, controlled by supporters of Jeremy Corbyn, ordered the creation of a working group to examine the changes that excluded the commitment from the Clause IV of the Labour constitution.
"To secure for the workers by hand or by brain the full fruits of their industry and the most equitable distribution thereof that may be possible upon the basis of common ownership of the means of production, distribution and exchange", the original wording said.
Blair replaced this aim with "a dynamic economy, serving the public interest, in which the enterprise of the market and the rigour of competition are joined with the forces of partnership and co-operation to produce the wealth the nation needs".
If approved, the nationalisation may be applied to major industries such as coal, steel, telecommunications and railways, as well as the Bank of England and principal utilities.