Corbynomics 3: “Someone had to come out fighting and that someone was Jeremy Corbyn”

An overlooked draft – still well worth belatedly putting on record. 

Taking up the theme covered by Professor Prem Sikka, William Keegan once wrote in the Guardian: “Someone had to come out fighting, and that someone was Jeremy Corbyn . . . Until Corbyn came along, Labour was like a rabbit in the headlights on the subject of austerity”.

w-keeganWilliam Keegan, who worked in the Bank of England Economics Intelligence Department, as assistant to the Bank’s Governor, then Economics Editor of The Observer and is now their Senior Economics Commentator, continued: 

“Students of the cynical, shifty but politically adept George Osborne know that his approach has been to acquiesce, in opposition, in what the Labour government did, then to try to move the so-called “centre ground” to the right when he himself arrived in government.

“The northern powerhouse and manifesto promises about electrification? Forget it! The casual way in which he reneged within days on the Conservative manifesto “commitment” to impose a ceiling on old people’s bills in care homes was outrageous. The attack on the poor in his budget – on which the independent Institute for Fiscal Studies provided chapter and verse – was so brazen that someone had to come out fighting, and that someone was Jeremy Corbyn”. 

In August 2015, David Blanchflower, a former member of the Bank of England’s monetary policy committee, and fortyone economists, made public their support for Jeremy Corbyn’s policies, dismissing claims that they are extreme:

“The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity.”

Keegan continues: “[T]he idea (is) that austerity is required in order not to cheat future generations. The truth is that it is cutting back on public sector investment, which can be financed at negligible interest rates, that actually penalises future generations.

Corbyn had written: “Parliament can feel like living in a time warp at the best of times, but this government is not just replaying 2010, but taking us back to 1979: ideologically committed to rolling back the state, attacking workers’ rights and trade union protection, selling off public assets, and extending the sell off to social housing. This agenda militates against everything the Chancellor says he wants to achieve. If you want to revive manufacturing and rebalance the economy, you need a strategic state leading the way.”

John McDonnell MP, shadow chancellor, said that privatisation had been “a confidence trick”. He said: “Privatisation over the last four decades has been a history of the British people being robbed and the spivs snatching up the public assets being given the licence to print money. From the earliest privatisations of water, energy and rail to the PFI schemes from the last decade, it has been one long confidence trick. Under a Corbyn Labour government this shameful era of governments and ministers colluding in the picking of the taxpayers’ pockets will be brought to an abrupt end. 

“Let’s also make it absolutely clear to any speculators in the City looking to make a fast buck at the taxpayers’ expense that if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.”

 

 

 

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Posted on February 7, 2017, in Economy, Inequality, Jeremy Corbyn, Politics, Security and tagged , , , . Bookmark the permalink. Leave a comment.

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