Corbyn’s Capital Controls

John McDonnell says Labour have been war-gaming how to cope with the markets in the event of a Corbyn victory and a run on the pound. He was evasive about what he meant, however this weekend’s Young Labour conference has given us a massive clue.

Conference passed a motion on “Capital Controls and Financial Sector Regulation”, proposed by Oxford Uni Labour’s Michael Muir – last heard of during the “Zio” row. The motion laments the failure of SYRIZA in Greece to implement a socialist programme because it was “curtailed by massive and politically-orientated capital flight.” 

The solution according to Young Labour is for McDonnell to take direct control of monetary policy away from the Bank of England and introduce capital controls to better reflect “the balance of class forces”. You will have to get permission from the state to take money out of the country. This is the classic left-wing solution to capital flight, rather than make the country attractive to investors they instead try to imprison investment. It ends badly every time.

Perhaps Young Labour’s millenials don’t realise the effects it will have on them personally. In the 70s you could only take £50 per person on holiday. Working families holidays in Benidorm – you won’t be able to go large in the bars. Ibiza? Forget cocktails in Pascha. Buying the latest electronic gadgets on Amazon from overseas – sorry. Nan’s retirement holiday home – forget it. That year long gap yah? Nah.

The “socialism in one country” idea hasn’t worked well in Venezuela, and the cost has been a massive loss of freedom. The eternal truth is that “to be controlled in our economic pursuits is to be controlled in everything.”




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Dominic Cummings tells Damian Collins:

“You talk of ‘contempt of Parliament’. You seem unaware that most of the country feels contempt for Parliament and this contempt is growing.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Kremlin Pranksters Fail With Boris Kremlin Pranksters Fail With Boris
Corbynista Back Room Shakeup Corbynista Back Room Shakeup
Labour Live Causing Seizures Labour Live Causing Seizures
7 Cummings Truth Bullets For Brexiter Tory MPs 7 Cummings Truth Bullets For Brexiter Tory MPs
Gallery Guido’s PMQs Sketch Gallery Guido’s PMQs Sketch
Watch: Jon Craig Duped By Daily Mash Watch: Jon Craig Duped By Daily Mash
Boris Tells May: Get On With It Boris Tells May: Get On With It
German Firms Back Brexit Britain German Firms Back Brexit Britain
Zarb Referred to Disputes Panel Zarb Referred to Disputes Panel
Kate Osamor Plagiarised Maiden Speech Kate Osamor Plagiarised Maiden Speech
Ken: Seumas Wrote My Tweets and Never Told Me to Stop Talking About Hitler Ken: Seumas Wrote My Tweets and Never Told Me to Stop Talking About Hitler
Young Voters Now Prefer May to Corbyn Young Voters Now Prefer May to Corbyn
Ruth and Gove Blast “Dour” Tories Ruth and Gove Blast “Dour” Tories
Ken Resigns from Labour Ken Resigns from Labour
New Tory Treasurer is Director of 7 Companies With Overdue Accounts New Tory Treasurer is Director of 7 Companies With Overdue Accounts
All-Remain Peston Show “Kerfuffle” All-Remain Peston Show “Kerfuffle”
Top Tory’s Firm Implicated in Russian Dirty Money Report Top Tory’s Firm Implicated in Russian Dirty Money Report
New Peerages New Peerages
Kate Osamor Plagiarises Barack Obama Speech Kate Osamor Plagiarises Barack Obama Speech