James Meadway is a former advisor to Shadow Chancellor John McDonnell and former chief economist at the New Economics Foundation (NEF).
The Bank of England’s interest rate hike is an attempt to force the economy into a recession, increase unemployment, and lower wages even further. In other words, workers will be forced to pay even more for the cost of living crisis.
The Western sanctions against Russia are widely being called an unprecedented move. But the major mechanism they use has been road-tested throughout a decade of eurozone crisis — and threatens economic devastation far beyond Russian elites alone.
Britain’s media outlets and think tanks have been on the offensive since Labour published its manifesto this week, claiming that its economic policies are not credible. But the attacks are purely ideological. Labour’s plans are capable of reviving the ailing UK economy and empowering ordinary workers.
If its plans are carried out, Jeremy Corbyn’s Labour Party will radically transform the UK’s economic geography — shifting power and wealth out of a few tiny corners of London, and placing both into the hands of workers across the country.
Thatcherism is in long-term decline. By shifting the election terrain to issues of economic power, redistribution, and social ownership, Jeremy Corbyn’s Labour Party can finally kill it off for good.
Under Jeremy Corbyn, the Labour Party plans to distribute not just wealth, but power, to working people. No wonder the bosses’ press is concerned.