Category Archives: Economy
Today the FT reports that Jeremy Corbyn was given a ‘rapturous reception’ in Brussels on Thursday, as he warned that leaving the EU without a Brexit deal would be “catastrophic” for the UK economy. Mr Corbyn met Michel Barnier, the EU’s chief Brexit negotiator (above), the European Parliament President Antonio Tajani and the prime ministers of Portugal, Italy and Sweden on Thursday in Brussels.
Mr Corbyn received a standing ovation from Europe’s centre-left parties as he addressed delegates at the Europe Together conference, just hours before prime minister Theresa May was scheduled to meet her EU counterparts at a European leaders’ summit. He said:
“We’re here to make sure that negotiations get on track, that we defend jobs in Britain, and that we make sure there is trade access to Europe in the future . . . We cannot countenance the idea that we rush headlong into a no deal with Europe. No deal would be very dangerous for employment and jobs in Britain. We are clear in our priorities: a jobs-first Brexit which maintains free access to the single market.”
He advocated “radical alternatives” for Europeans after years of austerity, rising job insecurity and falling living standards. “The neoliberal economic model is broken. It doesn’t work for most people,” he said, adding: “Our broken system has provided fertile ground for the growth of nationalist and xenophobic politics.”
The FT ends: “Mr Corbyn’s enthusiastic reception was in stark contrast to Mrs May’s arrival in Brussels on Thursday. The UK prime minister was rebuffed from attending a meeting of Britain’s traditional European allies — including the Netherlands, the Scandinavian countries and the Baltic countries — on the sidelines of the summit, though Leo Varadkar, Ireland’s prime minister, was invited to that meeting.”
Britain’s next Prime Minister could be a 70-year old former winner of Beard of the Year who’s become a hit with young voters. Steve Beauchampé assesses Jeremy Corbyn’s chances.
My only surprise is that anyone was surprised. From the moment Jeremy Corbyn received sufficient nominations to qualify as a candidate in the Labour Party leadership contest, it was clear that here was someone who could articulate and represent the opinions of a considerable number of left leaning voters, both within the Labour Party and without. After two decades of Blairites, Blair lites and the worthy but unelectable Ed Milliband, Labour voters were being offered the choice of more Blair/Brown in the form of either Yvette Cooper or the unspeakably vapid Liz Kendall (strategy: ‘the Tories won the last two elections, so let’s adopt policies that are indistinguishable from theirs’) or decent, honest and likeable Andy Burnham, a slightly more radical version of Ed Milliband but without the geeky visage and voice.
That Corbyn has forged a sizeable and potentially decisive lead over his rivals under Labour’s new ‘one member one vote’ electoral system has caused a mixture of consternation and outrage amongst many of the party’s grandees (most of whom are backing either Cooper or Kendall) and demonstrates how disconnected with a large section of potential Labour voters they have become (the more so with opinion polls placing Burnham second). Meanwhile Corbyn, demonised and subjected to vitriolic attacks by some within his own party, and inaccurately dismissed as a 1980s throwback from the hard left of the political spectrum by Tories and most sections of the media, has fended off both the criticism and caricatures with ease, as befits a man with decades of experience of being outwith the political zeitgeist.
However, following several weeks of lazy, ignorant mis-characterisation of him across the press (not least by the BBC), a realisation finally seems to be dawning amongst the more thoughtful political commentators and scribes that Jeremy Corbyn is no joke candidate, no passing fad, but is instead a serious politician, and one with an agenda appealing to many voters previously disengaged from party politics. No cartoon firebrand Marxist he but a man of conviction and humility with a track record of being on the right side of the argument years before those in the ‘mainstream’ adopted the policies he espoused (Corbyn opposed Britain’s arming of Saddam Hussein in the late 1980s, supported Nelson Mandela and the ANC when the British Government was helping South Africa’s apartheid regime, held talks with the IRA nearly a decade or more before the Major and Blair governments did likewise, campaigned for gay rights when it was unfashionable to do so and voted against the invasion of Iraq in 2003).
And just as in Scotland, where the rise of the SNP, under the charismatic leaderships of first Alec Salmond and now Nicola Sturgeon, have helped invigorate politics, particularly amongst the young, so Corbyn’s leadership hustings have been passionate and at times electrifying affairs, populated by a sizeable number of youthful voters. A victory for Corbyn on September 12th could energise and transform British politics, providing a narrative with which a substantial number of the electorate – many of whom currently feel disenfranchised and perhaps don’t even bother to vote – can feel comfortable and might coalesce around. Because, with every media appearance, every public speaking engagement, all but the most politically jaundiced can see that Jeremy Corbyn is at least a man of integrity, putting an argument that has long been absent from mainstream British politics. Agree with him or not, but here is a politician to be respected and reckoned with, who is shifting the terms of the debate.
Thus those in the Conservative Party and its media cheerleaders who view a Corbyn victory as almost a guarantee of a third term in office may be in for a shock. Because, whilst the opprobrium directed at Corbyn from his opponents both outside and inside the Labour Party will only intensify if he becomes Labour leader, with a coherent and plausible genuine alternative to the Cameron/Osborne ideology and its attendant relentless tacking to the right of what constitutes the political centre ground, the Conservative’s agenda will be thrown into sharper definition in a way that a Labour Party offering merely a less extreme alternative to the Tories never can.
So could Jeremy Corbyn win a general election for Labour and become Prime Minister? Well, despite his current sizeable lead in opinion polls Corbyn’s campaign could be scuppered by Labour’s second preference voting system, whereby the second choices of the lowest ranked candidate (who drops out) are added to the cumulative totals of those remaining, this procedure being repeated until one candidate has over half of the votes cast, a system expected to benefit Burnham or Cooper the most.
If Corbyn can overcome that hurdle, and any subsequent move to oust him from the New Labour wing of the party, then don’t write Jeremy Corbyn off for Prime Minister. Few of life’s earthquake moments are ever foretold and by May 2020 who knows how bloodied and riven the Conservatives might be following the forthcoming EU referendum. Public appetite for the Tories and in particular George Osborne might have waned after two terms and ten years (and barely a quarter of the eligible electorate voted for them in 2015), with the Conservatives needing only to lose eight seats for there to be hung parliament. So a Corbyn prime ministership is not out of the question.
Perhaps the most likely – and intriguing – scenario to that coming to pass would be a coalition between a Corbyn-led Labour, the Liberal Democrats under the auspices of social democrat leftie Tim Farron, the SNP, Plaid Cymru and the Greens. Now that really would scare the Daily Mail readers!
August 5th 2015
Jeremy Corbyn’s policies include:
Re-introduction of a top rate 50% income tax
Tighter regulation of banks and the financial sector to prevent a repeat of the 2008 financial crisis (George Osborne is currently proposing to loosen these controls)
Substantial increase in the number of affordable homes being built
Re-introduction of rent controls to reduce the amount the state pays to private landlords
Support for Britain’s manufacturers rather than the financial services sector
The establishment of a National Investment Bank to pay for major public infrastructure programmes such as house building, improved rail, renewable energy projects and super fast broadband
The minimum wage to apply to apprentices
Removing all elements of privatisation from the NHS
Taking the railways, gas, water and electricity back into public ownership
Bringing Free Schools and Academies under the direct control of local authorities
Budget deficit reduction, but at a slower rate than that currently proposed
Scrapping Britain’s independent nuclear deterrent (Trident)
Support for significant devolution of power from London and opposition to unless voted for in a referendum
An elected second chamber
On the EU referendum, Corbyn has said that he is likely to vote to stay in, and then fight for change from inside.
Inside story: Corbyn’s campaign – the political shock of a generation
With thanks to the reader who sent this link.
Corbyn counters proposals which would mean marooned older people with lower incomes, spending more on heating
Today the Times reports that Jeremy Corbyn will reaffirm his party’s commitment to the concessionary travel scheme on his tour of marginal seats in Scotland.
The SNP has confirmed plans to raise the age at which Scots become eligible from 60 so that only those eligible for a state pension have a free pass – which is fine for those still employed . . . Ministers say it would protect the long-term viability of the scheme, which costs taxpayers £192 million a year.
Mr Corbyn plans to meet pensioners in Fife today and is expected to say: “Labour will protect pensioner incomes, by legislating to keep the triple lock, protecting the pensions of over one million Scottish pensioners . . . We’ll protect benefits like the free bus pass and the winter fuel allowance.”
An octogenarian reader who has an income slightly above the national average wage and uses only public transport, comments that her life would be adversely affected. As bus fares are so high she would limit journeys to two a week.
Millions of pensioners on lower incomes would be marooned in their locality most of the time – a locality which might or might not meet everyday needs as cuts close post offices and libraries.
How can affluent Conservative politicians (above, MP Kenneth Clarke) even contemplate such inhumane measures, whilst increasing capital gains and corporation tax relief to the affluent?
Kate Hudson observes that the outcome of the general election marks a significant shake-up in British politics and a surge in support for qualitatively different policies:
“It is clear that the narrative of investment in homes, health, education and jobs, has been very popular. In fact, it has led to Labour’s first increase in seats since 1997 and its biggest increase in the share of the vote since 1945”.
She views the election as a significant shift towards the politics of hope, peace, inclusivity, justice and equality.
“Jeremy Corbyn’s long – standing opposition to nuclear weapons, and his personal opposition to Trident replacement, did not deter millions of people from voting for him. Indeed the likelihood is that many – particularly young people – have voted for him precisely because he opposes war, intervention and weapons of mass destruction.
“Support for Trident replacement is negligible amongst the younger generation and it is clear that the narrative of investment in homes, health, education and jobs, has been very popular. In fact, it has led to Labour’s first increase in seats since 1997 and its biggest increase in the share of the vote since 1945”.
The right wing of the Labour Party, and a small but powerful section of the trade union movement, have ‘peddled the myth’ that Labour needs to look ‘strong on defence’ to win – and that this means supporting Trident replacement.
But, Kate believes, support for the party has surged because it has a radical vision of a different society, and because everyone knows that Jeremy Corbyn does not support Trident replacement. When he first became leader, he commissioned an extensive Defence Review throughout the Labour Party. That review has been shelved – because it showed the extent of anti-Trident opinion within the party?
She calls for that review to be published and debated at the next Labour Party conference: “This issue must not be kept off the agenda any longer”. There is no popular mandate for a Tory security policy, or a Tory-lite security policy pushed on the Labour party by a minority of pro-nuclear forces that are living in the past. Those trade unions that have put unreasonable pressure on Jeremy to keep Trident are urged to change:
“The way for them to secure and extend high quality, well-paid jobs is to support Jeremy’s policy on defence diversification. Rather than shunning this initiative they need to work with politicians and industry to develop a diversification plan, as part of a national industrial strategy that will secure their jobs without holding the rest of the country over a nuclear barrel”.
As she points out, there is now strong public backing for industrial planning and investment and this needs to go into sustainable industrial production to meet public needs, for energy, housing and public resources, not weapons of mass destruction.
Labour’s support has grown because of Corbyn’s policies based on peace, respect and our shared humanity. And this vision goes beyond national boundaries to his vision of how we relate to the rest of the world. No longer Blair’s ‘war-fighting nation’, ‘punching above its weight’, but a decent part of a shared community of nations.
Read her article here: http://www.cnduk.org/images/stories/Summer_2017.pdf
Kate Hudson, British political activist and academic, General Secretary of the Campaign for Nuclear Disarmament (CND)
Like many others, I have read and appreciated Christian Wolmar’s input on transport issues over the years – HS2 of late. I know nothing of his political views though, and so was intrigued to come across this article a couple of days ago. The last four paragraphs of Wolmar’s thoughtful but pugnacious argument follow:
Labour’s strategy of equivocation on Brexit actually worked on polling day. Far from alienating both sides in the debate, as I had predicted, the party managed, to some extent, to attract both Leavers and Remainers. Suggesting that the benefits of the single market and customs union should be retained while leaving the EU was, however, a conjuring trick that cannot be repeated. At some stage, when Theresa May discovers that she cannot have her cake and eat it, Labour is going to have to decide whether the deal she has negotiated is acceptable or not.
But not now. At the moment, the best strategy is simply to watch the Tories tear themselves apart. This is not Labour’s problem, but theirs. They got us into this mess and therefore they must be held accountable. There is no doubt that once the eight, highly complex Brexit bills start to reach the Commons, then there will be a battle royale between the pro-European and Europhobe wings of the Tory party. It will be a great spectacle but such fights, like boxing matches, are better watched than entered into.
Ultimately, we do not know which way Labour will go. There is no doubt that Corbyn and John McDonnell are sceptical of the present structure and policies of the European Union but that does not necessarily mean they feel Britain’s future is better out of it.
Rather like Corbyn’s brilliant decision to enter the TV leadership debate at the last moment, Labour should wait to pounce until the chaos within government is so apparent that it is about to crumble. My hope is that Labour would then announce it will hold a second referendum because the implications of leaving prove to be so dire, and the advantages so nebulous. But then I have always been an optimist.
Christian Wolmar is a British journalist, author, railway historian and Labour Party politician He is known for his commentary on transport, named as Journalist of the Year in the National Transport Awards in 2007. He is also an advocate for cycling. Wolmar’s books and columns mainly analyse the current state of the British railway industry. He is a critic of rail privatisation and opposes the construction of HS2, the planned high-speed railway between London and Birmingham and further points north.
(Just added to ‘favourites’: https://twitter.com/christianwolmar. No need to sign up- anyone can read this.)
General Election – Cole: “ My money is on Corbyn . . . to displace Theresa May because he leads a movement, not just a party”
In 2016, Roger Cole, founder and chairman of Ireland’s Peace and Neutrality Alliance (PANA), predicted that Jeremy Corbyn, the Labour Party leader, will displace Theresa May because he leads a movement, not just a party.
In 2009, he writes, Jeremy Corbyn visited Ireland to attend an international peace conference in Shannon organised by Pana which has, over the last 20 years, developed strong links with British CND, Scottish CND and CND Cymru. They represent all that is best among the British, Scottish and Welsh people. It is their values and their vision that gives hope for the possibility of a great future for the UK shorn of its imperial culture either in what remains of the British empire or the emerging European empire.”
Corbyn has, for his entire political life, been a supporter of CND and its values. He was re-elected Labour leader not because he is a decent, honest and humble man (which he is) but because he leads a movement, not just a political party.
It is a movement that wants, among other things, a real national health service (the greatest achievement of the historic 1945 Labour government), rather than the continuation of Britain’s imperial tradition of a commitment to perpetual war and the renewal of the Trident nuclear programme as advocated by the current ruling parties of Tories and New Labour.
If Corbyn becomes prime minister it will be because of a deep and fundamental change in the values of the British people.
So can that happen? The prime minister, Theresa May, has made it clear she is prepared to kill millions of people with the Trident missile system. She will no doubt have the total support of the war-loving neoliberal corporate media. Current polls show that in an election she would win relatively easily.
So what would Corbyn have to do to defeat the Tories?
First, he had to become the undisputed leader of Labour and his second victory went a long way to achieving that . . . While the internal attacks on Corbyn will not end, the marginalisation of the Blairites will accelerate and consolidate the unification of Labour under Corbyn in its fight against the Tories.
Corbyn’s decision to accept the democratic decision of the British people to reject membership of the emerging European empire and its emerging European army has been crystal clear. It is a decision that will go a long way to regaining the support of those voters who shifted to Ukip.
In Scotland, the SNP will more than likely continue to dominate, but would be far less antagonistic to a Corbyn-led Labour. If they work together in the first-past-the-post system, they could put the final nail in the coffin of Tory Scotland and maximise the number of MPs for both parties. After all, with a Corbyn-led government, the SNP understand that it is their best chance of a second independence referendum.
While there is no doubt that decades of Thatcher/Blair senseless warmongering and neoliberalism remains popular, especially among those that benefited from it . . . the sustained attacks on the social system, the massive and growing concentration of wealth in the hands of a small number of billionaires is losing its appeal among a growing number of ordinary people. They would prefer a more equitable taxation system, a better-funded NHS and an end to perpetual war. And why not?
So, will Corbyn become the next British prime minister? It is now a realistic option . . .The British people may decide that even if they do not support everything Corbyn stands for, they will agree to a change – in practice more of a Harold Wilson than a Clement Attlee transformation.
Anyway, I put a bet on that the Brexit side would triumph in the recent referendum. My only regret now is that I did not put more money on it.
Come the British election I will not make that mistake again: my money is on Corbyn.
With thanks for this lead to Felicity Arbuthnot
Labour Party membership (517,000 members in March 2017) is rapidly increasing after the general election was announced. Before:
Yesterday a Wimbledon reader forwarded an email message received from her friend: “Hope you all saw Jeremy Corbyn on Marr this morning. If not, DO catch up on i-player. But I fear for how it’ll be reported in the press”.
The Guardian’s John Crace was flippant/facetious and even-handedly belittled the other contributors. Dan Bloom in the Mirror was thoughtful and informative, itemising three things we learn and three things we didn’t and yet again this paper made available a link to the full transcript. The Mail and Times cherry-picked and hoped to score points on Trident/security/NATO.
Social media snapshot:
Corbyn’s calmness in the face of Marr’s questions, on both foreign and domestic policy was commended by many Twitter users:
Firmly but genially Jeremy Corbyn restrained Andrew Marr’s impetuous interruptions and calmed him down when he ‘jumped in too quickly’. Some appealing ‘soundbites’ include a wish to:
- reduce pay ratios in the public and private sectors;
- ensures universal access to good quality housing, healthcare and education;
- tariff-free trade access to the EU;
- investment bank to increase manufacturing jobs
- work out an immigration system
- and confer with supportive MEPs and colleagues who head EU states (below).
He appears to be the only prime ministerial candidate remarkable for stability, poise, honesty, patience, maturity and goodwill to all – how many more will echo the wish voiced earlier: “I want this man as prime minister!” ?
Two social media discoveries:
The media claim that older voters don’t vote Labour and won’t like Corbyn. Let’s get together to share the over 50s message and show them how wrong they are.
Comments on an FT article by Philip Stephens
No policies? Every time I see Jeremy Corbyn being interviewed or giving speeches he is addressing these very issues and more.
“Who can worry about housing, schools or transport, let alone the mundane aspirations of Middle England, ahead of the great liberation struggles.” I don’t know where Philip Stephens has been but every time I see Jeremy Corbyn being interviewed or giving speeches he is addressing these very issues and more.
I would suggest he and the Labour party have lost the working-class vote thanks to the previous Blair government being non representative of them. Remember Mandelson talking about being: ” Intensely relaxed about people getting filthy rich as long as they pay their taxes…?” Corbyn has also suffered very badly by the press. Mrs May has profited by Cameron’s mistake and badly handled Remain campaign and we are now at the mercy of this unelected PM and her party… (see also JC policy docs here)
Philip Stephens creates a narrative that doesn’t fit the facts. Corbyn has delivered effective attacks on the Government on welfare, the NHS and housing, some producing small U-turns.
He also travelled up and down the country campaigning to Remain. The problem was he and the Labour Party failed to breakthrough the media ignoring their campaign and focussing (in terms of the Remain argument) exclusively on the pathetic and useless official Remain campaign.
Jeremy has been democratically elected twice to be leader. His record should in no way be considered dismal. He has consistently delivered his honestly and long-held beliefs.
Rubbish analysis as per usual although the historical throwback is well put.
Corbyn does care about housing, education, schools, middle england, under invested regions (it was Corbyn who was talking about a migrant impact fund), transition to Green energy.
Corbyn far-left? Inaccurate and “un-FT”. Corbyn seems to be a middle of the road socialist, at least by normal European standards.
Far-left policies include abolishing private healthcare, private education, the monarchy, making all third-level education free, nationalising banks and railways and a number of other things, some of which would probably be quite good for the country.
As it is, Corbyn seems to be a middle of the road socialist, at least by normal European standards. Far-left European politicians would include Vladimir Lenin, Rosa Luxembourg, Alexander Lukashenko and any number of dictatorial 1980s Communist party secretaries in Warsaw Pact-era eastern Europe. Jeremy Corbyn is quite clearly not in that zone unless one is a swivel-eyed Daily Mail reader.
A question: When Brexit is done and May is left standing there blinking vaguely and surrounded by the wreckage of the economy where will the Conservative Party be in the eyes of the electorate?
Its reputation for sound economic management will have been trashed along with the economic damage it has just imposed on the country so who wins?
Philip you are doing the FT (and its readers) a signal disservice by misunderstanding Corbyn and the Labour left.
Copeland was never likely to vote for an anti nuclear Labour Party – and well you know that. The wonder is that the Labour Party nearly won the seat despite being clearly antagonistic to the existence of the region’s biggest employer. WE, the subscribers to the FT, expect objective reporting that enables good decision making.
Corbyn and labour can’t win at the moment, if they go to the middle and ignore the democratisation of their party they will lose, if they stay a democratic left party the boomers and those with assets won’t vote for them as they fear socialism.
Meanwhile the millennials and future generations bear the brunt of public debt created privately, and shareholder capitalism which is a race to the bottom, generation rent, and the absurd 40% of income rent costs in areas where there are plentiful jobs and opportunity epitomises the modern day surplus extraction and misery of those who have not lived among the golden age of capitalism, add tuition fees, stagnating public services (NHS), erosion of employment rights and you can see why Corbyn is confident among that 20% (of which I’m a part, ha ha ha, how funny he’s so inept ha ha ha lets all laugh at corbyn because there are so many other alternatives out there that are SO much better).
The Tories will continue their irrational, economically illiterate policy that is not running the country into the ground but causing growing social issues, and new social actors will emerge from the post 2008 age eventually tipping the balance towards something more corbyn-esque. Until then it will be the same old, same old.
Corbyn’s crackpot policies are simply outrageous! Spending a little more on the NHS and primary school education? Providing a bit more affordable housing in the midst of a housing crisis?
Failing to asset strip the public infrastructure? Rowing back a bit on the vast, exploitative Sports Direct-ification of the British economy? Why, this is simply unpatriotic! How “radical” – somebody stop this crazed moderate, centre-left European-style social democrat Corbyn before my taxes end up a little bit higher and the proles end up with a slightly better quality of life!
God forbid that poorer people should ever have slightly better quality of life. Who knows where that might end? It’s better not to give people hope. It just encourages them to think.
I agree. Britain’s low wage, low skill, low investment, low productivity economy would be severely jeopardised by the dangerous, radical policies of Jeremy Corbyn. Sure, he’s languishing in the polls now, but the proles are a fickle lot and cannot be trusted to consistently vote for their own impoverishment. What if Corbyn dons a Union Jack leotard and starts leaping up to belt out a few verses of ‘God Save The Queen’ with gusto on the next campaign trail, waving a couple of flags about like the dickens. Why, the proles might even be duped by this charade into voting him into office! This would leave us all at the mercy of an outbreak of half-decent working and housing conditions for the proles at any time. This simply would not do, too much has already been invested by the Conservatives in their cooption of UKIP’s policy platform!
There was no money left. The Tories have just borrowed billions. The crash will be spectacular.
This article is high in the running for one of the worst I have read in the FT in years. We are in the end times of Neo-Liberalism, an experiment where maybe 20% did very well, and 80% were massively left behind.
Corbyn, Trump, Brexit are consequences of a system that has failed, and a financial system that collapsed in 2008, never a crisis always a collapse. Stevens has no understanding of the why’s of brexit or the rise of Corbyn. The left-right paradigm is dead. I could not find one sentence in this article that is not total ideological nonsense.
If Jeremy has got under the skin of Philip Stephens so badly he must be doing something right.
Most Labour MPs and most journalists hate Corbyn as if he were the devil. He represents the one pole of the process of polarisation caused by the 2007-9 Great Recession and the continuing crisis of world capitalism.
Let there be no mistake. The reason Philip Stephens is so horrified is because if his buddies amongst the old Labour MPs who are career politicians, were instead people of principle and socialists, then the Labour Party would be challenging for power.
The lesson of our era is the fluidity and rapidity of change. If Corbyn is right, (and I think there is lots of evidence to back him up), if he can be seen to be a leader of masses on protests and demonstrations, this will sharply polarise politics and this may match a simultaneous collapse in Tory support. The Labour MPs who are resigning and trying to oust Corbyn again with their endless press briefings against him are part of a deliberate coup attempt. This time a sort of coup by water torture. They will fail again. The only major criticism one can make of Corbyn is he is too soft on these saboteurs. There are times when a sword must be wielded.
The worrying thing about this analysis is, his policies weren’t even that far left, they were definitely more central than Thatcher’s. Yet the FT reports this as if he’s Lenin/Kim Jung Un etc. His biggest failing for the press is he wants a meritocracy and for companies which require state support (through the use of tax credits to prop up salaries and increase profits and bonuses) to not pay dividends, which is effectively the Government paying the rich in an indirect way. Yes he has his failings, as does everyone, but generally speaking a lot of his economic policies would work fairly well at creating a long term balanced economy.
Corbyn, and his anointed heir, need to show there is an alternative to the Conservative Creed. Perhaps he needs to lose an election to clear out the MPs who are undermining him.
Perhaps this will result in his own political demise. But if he has a suitable succession plan in place then his success will come after he is gone. With the LabouraTory MPs planked off the sinking ship, seats will be freed for real Labour candidates for the subsequent election.
Facetious commentary. Corbyn has inherited a mess of a party with crumbling membership and totally out of touch MPs.
Time and time again polls have shown that the public want a ring fenced NHS, working railways and better care for the elderly, sick and disabled. To finance that he has stated that he will increase funding to the HMRC so that it can go after companies that are not paying their taxes (last year’s estimated unpaid tax was £34 Billion) which is probably why this article has been written in the style it has.
People want the state to intervene if something isn’t working. The current level of income disparity is something that is directly affecting the world by creating the perfect soil for fascism. Yet no other political leader wants to do anything about it (since it will affect their careers after being an MP).
Versus the CIA and capitalism he is the best chance we have of having a fair society
Jeremy Corbyn is addressing the problem plaguing Britain’s small and medium businesses face: late payment.
“Big companies are managing their cash by borrowing – interest free – from their suppliers”
He said they contribute to withholding more than £26 billion from suppliers through late payment, driving 50,000 out of business ever year.
Note that the FSB’s website records:
- a network of regional investment banks which will help smaller firms access the funding they need to expand;
- any company bidding for public sector contracts under a Labour government will be bound to pay its suppliers within 30 days;
- the party will consult on a system of “binding arbitration” to resolve late payments disputes in the private sector
And pledged to scrap quarterly tax reporting for small businesses, describing the proposal as a “burden” and “distraction” that would harm the economy.
The Dutch engineering industry set up an industry-regulated payment routine years ago.
My engineer neighbour said that in his dealings with Holland he found the Dutch engineering industry’s system works well. 30% of the full amount due is paid immediately, and then 30% is paid on completion of the job. The final amount is deemed to be the profit and follow later within a stipulated time frame. This does help to avoid the cash-flow problems afflicting those in this country who often have to wait for three months – and more – before any payment is made.
The 2011 EU Late Payment Directive which aimed to change the late payment culture in the business world and force companies to cap maximum contractual periods at 60 days, amended in 2013 is not implemented by government in this country.
SMEs have not the financial or manpower to carry through prolonged legal action against large companies failing to pay on time – they also fear loss of custom following any such action.