Labour’s Economic Policy: The Slow-Motion Car Crash You Can’t Not Watch

John McDonnell - Labour Party - Jeremy Corbyn

Labour’s loose cannon Shadow Chancellor is behaving like an economically illiterate, childish simpleton with no clue how to oppose effectively, let alone one day govern the country

The past month has not been pretty for those of us who hoped that Jeremy Corbyn’s election as leader of the Labour Party might help usher in the return of serious ideological debate to British politics.

Jeremy Corbyn has scored just one significant victory so far: his first outing at Prime Minister’s Questions, where the opposition leader’s measured tone and clever decision to raise questions submitted by the general public succeeded in changing the tone of the session – and for the better.

But that one bright spot aside, it has been utterly miserable – unforced error following self-inflicted wound, compounded by acts of astonishing political naivety. On the rare days when the newspaper front pages have not carried stories about Labour Party splits and internal warfare, the newly energised Hard Left supporters have stolen the show with their venomous spitting, their rape threats and their incessant chants of “Tory Scum!”

And now Labour’s Shadow Chancellor, John McDonnell, has succeeded in undoing the parliamentary party’s only truly coherent and sensible position, for reasons which seem to change by the hour. In his infinite wisdom, John McDonnell decided to reverse Labour’s policy of following the Fiscal Charter – the commitment set by George Osborne to run a budget surplus during normal economic times – having announced it only two weeks ago at Labour Party conference.

Continue reading