Labor is pro-remain, right?
Would such a move be compatible with EU regulations? A simple Google (Ha!) search found this: https://ec.europa.eu/regional_policy/sources/conferences/state-aid/broadband_rulesexplained.pdf
"Thus, compatibility with internal market requirements is a key building block of competition policy in Europe. A guiding principle is that any State intervention should limit as much as possible the risk of crowding out or replacing private investments, of altering commercial investment incentives and ultimately of distorting competition as this is viewed as contrary to the common interest of the European Union."