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FT: Business leaders are increasingly interested in the shadow chancellor’s policy proposals

In the Financial Times, noting that Conservatives and Labour are ‘neck and neck’ in the polls, Jim Pickard – formerly a severe critic of Jeremy Corbyn – wrote today “With British politics in a state of acute flux, there is increasing interest from business leaders about Labour’s policy proposals”.

At the launch of the annual Living Standards Audit by the Resolution Foundation, an independent think-tank that focuses on low pay, the Independent reports that shadow chancellor John McDonnell (right) will announce details of Labour’s commitment to ending in-work poverty over the course of the next parliament, due to cover the years 2022-27 unless brought forward by a snap election.

The Joseph Rowntree Foundation said last year that ‘in-work poverty is the problem of our times’ and McDonnell will make a commitment to ending this modern-day scourge, eliminating it by the end of Labour’s first full Parliamentary term.

In September it was reported here that the Financial Times appeared to have left the anti-Corbyn/McDonnell media caucus, somewhat warming to the shadow chancellor. Following Jim Pickard’s first respectful report on any aspect of Labour policy, an article, by Jim O’Neill, chair of the Chatham House think-tank and former Treasury minister, had the headline, “The UK opposition steps into an economic void left by a government grappling with Brexit”.

The second sign was the FT’s comment in a December article that the UK lacks the kind of community banks or Sparkassen that are the bedrock of small business lending in many other countries adding: “When Labour’s John McDonnell, the shadow chancellor, calls for a network of regional banks, he is calling attention to a real issue”.

As a paragraph in his address today says: “As Chancellor in the next Labour Government, I want you to judge me by how much we reduce poverty and how much we create a more equal society, by how much people’s lives change for the better. Because that is our number one goal.”

 

 

 

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