Labour are deluded.

[Borchester]

Sorry but not got an FT subscription. Can you paste the text here?

I can't get behind the FT's paywall and When Britain Went Bust isn't on either B-ok.cc or Internet Archive. And to cap it all, apart from Amazon.co.uk, the only other copies are on sale in France and Germany. Shame really because it is about the run on the pound in 1976. The Labour government of the time got its knickers in a twist and asked the IMF for a loan and the IMF insisted on budget cuts and the government made the cuts and Harold Wilson resigned as Prime Minister so as to make way for an older man in the shape of Sunny Jim Callaghan and the country stumbled into the Winter of Discontent which resulted in Maggie Thatcher winning the 1979 general election



And shortly after that it was discovered that the loan wasn't necessary because the Treasury had gotten its sums wrong.



So the lesson is, never put a socialist in charge of any enterprise bigger than a burger van. Although Harold Wilson had studied and lectured in economics at Oxford and was later employed as an economist, he never seemed to have mastered the basic tenet that figures should always be checked at least twice.

[Nick]

On the subject of the IMF, it's probably worth the younger members of our forum taking a read of this account of thelast time we had a government with the sort of views Corbyn has about monetary policy



It did not end well.



https://www.ft.com/content/3b583050-d277-11e6-b06b-680c49b4b4c0">https://www.ft.com/content/3b583050-d27 ... 0c49b4b4c0">https://www.ft.com/content/3b583050-d277-11e6-b06b-680c49b4b4c0

Sorry but not got an FT subscription. Can you paste the text here?

[johnofgwent]

So Labour think they can whack the top 5% earners and big business with impunity, they clearly don't understand trickle (gush) down economics. If they tax the super rich on income tax they will simply up their salaries, they are the ones that are at the top of big business. The business makes less profit therefore less Corporation Tax, companies will simply put their prices up and offset the tax to their customers, or they will simply leave.



The funny thing is that during ALL Brexit debates Remainers have been throwing IMF figures at us to prove Brexit is bad. Today the IFF/IMF have said the Labour manifesto is utter rubbish and cannot be achieved, the same people are saying the IMF are talking bollox 😂.



The fact is that a Labour are pitching to those that just want to kick big business and the rich, they don't care or understand that it's not like an apple tree where if you shake it all the apples fall to the floor. The reality is like killing the golden goose, the trees just uproot and vanish if shaken to much. Making the rich poorer doesn't make the poorer rich.

On the subject of the IMF, it's probably worth the younger members of our forum taking a read of this account of thelast time we had a government with the sort of views Corbyn has about monetary policy



It did not end well.



https://www.ft.com/content/3b583050-d277-11e6-b06b-680c49b4b4c0">https://www.ft.com/content/3b583050-d27 ... 0c49b4b4c0">https://www.ft.com/content/3b583050-d277-11e6-b06b-680c49b4b4c0

[T00ts]

They are. You could almost feel sorry for them but sadly there's a dearth of men in white coats. Never mind if they get elected we can be fairly certain they will not be for decades to come as reality hits those daft enough to think Utopia is so easy.

[Borchester]

I don't think that the Labour party are deluded so much as they don't care. Elections are about 60 or 70 marginal seats, which means that it will rain beer before Corbyn is ousted from his fiefdom in Islington North. Or Plumpton from Hackney North and Stoke Newington  or lardy Lammy from Tottenham. So they publish a manifesto full of bollocks, secure in the knowledge that although Friday 13 December will be a particularly sh!t Friday 13 December, they will still have jobs.

[Nick]

So Labour think they can whack the top 5% earners and big business with impunity, they clearly don't understand trickle (gush) down economics. If they tax the super rich on income tax they will simply up their salaries, they are the ones that are at the top of big business. The business makes less profit therefore less Corporation Tax, companies will simply put their prices up and offset the tax to their customers, or they will simply leave.



The funny thing is that during ALL Brexit debates Remainers have been throwing IMF figures at us to prove Brexit is bad. Today the IFF/IMF have said the Labour manifesto is utter rubbish and cannot be achieved, the same people are saying the IMF are talking bollox 😂.



The fact is that a Labour are pitching to those that just want to kick big business and the rich, they don't care or understand that it's not like an apple tree where if you shake it all the apples fall to the floor. The reality is like killing the golden goose, the trees just uproot and vanish if shaken to much. Making the rich poorer doesn't make the poorer rich.