McDonnell Now Sure There Won’t Be a Run on the Pound

John McDonnell has changed his tune from Labour conference, when he said

“What happens if there is a run on the pound? What happens if there’s capital flight? I don’t think there will, but you never know, so we’ve got the scenario plan for that”

Now he insists “there’s never going to be a run on the pound” and “of course” he isn’t planning capital controls if it happens. Only a few years ago McDonnell used to openly threaten the City with capital controls if they opposed his policies. Could it be that he’s just a little more honest in a room of fellow travellers than he is addressing the nation?

UPDATE: A Guido reader reminds us that Jeremy Corbyn said:

Corbyn allies from the likes of Paul Mason to Mark Serwotka bang on about capital flight and capital controls at left wing seminars all the time. They see it as the ruling class trying to destabilise left-wing regimes – like Venezuela – rather than the middle classes trying to get their money out before the economy inevitably tanks. The Shadow Chancellor is being economical with the actualite because it has turned into an effective Tory attack line. Effective because it is true…




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

Quote of the Day

A senior Brexiter:

“If Theresa and Julian have sold us out here they are in real trouble. She reassured us all at the 1922. There is no way she can recover if she has now fucked us over.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Labour Candidate on “Holocaust Mongers” Labour Candidate on “Holocaust Mongers”
Lansman to Discuss Corbyn Anti-Semitism “Smears” in Israel Lansman to Discuss Corbyn Anti-Semitism “Smears” in Israel
WATCH: May Speech Brings About Policy Exchange Collapse WATCH: May Speech Brings About Policy Exchange Collapse
Tories Make Sick Labour MP Vote in Wheelchair Tories Make Sick Labour MP Vote in Wheelchair
Leaked Emails Show DfT Lied About Northern Rail Leaked Emails Show DfT Lied About Northern Rail
Alan Sugar Tries to Get Sacked from BBC Alan Sugar Tries to Get Sacked from BBC
May Considers Asking to Stay in Single Market for Goods May Considers Asking to Stay in Single Market for Goods
Smith Must Hold Firm Against Grieve Smith Must Hold Firm Against Grieve
Eurotunnel: Don’t Buy Border Scaremongering Eurotunnel: Don’t Buy Border Scaremongering
CCHQ Defaced With Anti-Heathrow Graffiti CCHQ Defaced With Anti-Heathrow Graffiti
Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets
Saj: Time to Review Scheduling of Cannabis Saj: Time to Review Scheduling of Cannabis
Sally Bercow: We’re Not Packing Bags Yet Sally Bercow: We’re Not Packing Bags Yet
Shouty Cracker Lord Moat’s Mask Slips Shouty Cracker Lord Moat’s Mask Slips
Jolyon’s Mystery £100,000 Donor Jolyon’s Mystery £100,000 Donor
Sandbach: I”ll Report Non-Constituents to Police Sandbach: I”ll Report Non-Constituents to Police
How Dominic Cummings Cost Taxpayers £20 Billion How Dominic Cummings Cost Taxpayers £20 Billion
Collins Data Breach Collins Data Breach
Onward to Higher Taxes Onward to Higher Taxes
Meet Love Island DfE Adviser Meet Love Island DfE Adviser