You're forgetting that the Labour Administration under Blair - while not directly responsible for privatisation - actually reinforced the privatisation by changing their licences and basically cementing the agreement, ignoring warnings, failing to return the industry to the public sector, and there were in fact tenuous links of the Labour Administration to the private profit making sector.
It's like saying the bathroom flooded because Thatcher turned the tap on - but not mentioning that Blair put the plug in and turned the tap on full
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