But they may not be that loony, some of the policies hinted in the papers by John McDonnell look fairly sound. I look forward to the speech later to see what they propose to reduce the deficit and produce real growth and well paid jobs.
"A title like "the loony left"..."
No, but it will probably prove to be accurate with Capt. Corbyn on the bridge!
"McDonnell faces a stiff task to overhaul Labour’s reputation on economic competence and advance a tougher anti-austerity agenda."
How true when we all know that they were at the helm as we foundered...
"McDonnell’s promise will come after his predecessor Chris Leslie told him to tone down his negative rhetoric to business and spell out what he planned to do to make Labour an anti-austerity party."
Easier said than done, but no doubt we will be hearing a awful lot about this in the coming months.
Yesterday evening I snatched a part of a speech being made by one senior representative of the Labour Party. In that speech he seemed to have quite a lot to say on how the Conservatives obtained their finances to fight elections, giving the impression that it was all wrong. The general opinion I gained, was that the Labour Party was the poor sister of politics, and that was the reason why they lost the last election, having insufficient funds to fight a true election!.
"How true when we all know that they were at the helm as we foundered..."
Well, that is true in the sense that they formed the government. However, other governments were also at the helm and their economies also foundered. The cuase of the crash was the behaviour of banks and other finance companies. Mortgages were being sold in the US to people who had no chance long-term of repaying them by means of a miniscule interest rate for a limited period. These mortgages were then mixed in packages with other mortgages and sold to investors with A ratings from the credit agency. ABN Amro had bought a lot of these packages, which came into the ownership of RBS when they purchased ABN. This was the major cause of RBS's problems. There was also too much willingness to grant mortgages in the UK but not on the US scale. The collapse of Lehman's resulted in a credit crunch which affected Northern Rock and Halifax, among others.
This all resulted from decisions made by financiers. Governments were not involved. It was claimed by the Tories and others that the governement failed to regulate the banks adequately. This despite the fact that the regulation arrangements derived from the Thatcher "Big Bang" and that the Tories were calling for further de-regulation. Osborne also supported the spending plans of Gordon Brown in the period leading up to the crash. And it was generally recognised that, after the crash, Gordon Brown "saved the world" by the measures which he advocated at the G20 conference. Further, the economy was recovering nicely enter link description here until Osborne took over in 2010.
So, on any objective analysis, which you are unlikely ever to get from political opponents or the media, the Labour Party has an enviable record of economic competence.
the Labour Party has an enviable record of economic (IN)competence.
That makes much more sense;-)
I recall a speech, Gordon Brown made at one of the banker's annual get-togethers in London, praising the banker's for all the hard work they were doing for the economy.
A short time after, the world's banking system's collapsed.
Well he has said Labour will be:
a. Aggressively tackling tax avoidance and evasion.
b. Introducing a "real living wage".
c. Cutting tax breaks for buy to let landlords in a clampdown on "corporate welfare".
d. Restoring and extending trade union rights.
e. Tackling the gender pay gap and building more homes.
f. Asking ex-civil servant Lord Kerslake to review how the Treasury works.
g. Reviewing the Bank of England's inflation mandate and the work of Revenue and Customs.
So b will increase unemployment, therefore reducing income tax and increasing welfare payments. a and c will make no difference either way but cost the HMRC millions in administration. d will result in more strikes further reducing the income tax coming into the Treasury whilst wrecking the general economy (remember the 3 days week and winter of discontent)
Fortunately this is all irrelevant as Labour have a much chance of forming the next government as the Greens do.
Standing by for a 2020 Labour/Green coalition now :-)
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