Jeremy Corbyn takes the helm

The election of Jeremy Corbyn kicked off a tumultuous few days for the Labour party.

Jeremy Corbyn won a resounding victory

Left-winger Jeremy Corbyn trounced his opponents in last week's Labour leadership election, winning almost 60% of the vote. His election kicked off a tumultuous few days, including a furore over his new shadow chancellor John McDonnell's economic policies and apparent previous support for the IRA. Corbyn debuted a new form of Prime Ministers' Questions in parliament, reading out questions from members of the public, and left voters wondering whether he would vote to stay in the European Union.

What the commentators said

He needs "a younger, less psychotic Alastair Campbell" to hone his media strategy, said Matthew Norman in The Independent, especially in view of the relentless onslaught of the right-wing press. He has at most a month "to avoid being indelibly branded on the public consciousness as a shambolic buffoon who surrounds himself with incompetents and crazies".

Advertisement - Article continues below

Speaking of crazy, his shadow chancellor's economic agenda reads like a "latter-day Dave Spart rant", said Jeremy Warner in The Daily Telegraph. He says there are £93bn of "subsidies" to business sitting there just waiting to be abolished, thus getting rid of the deficit at one stroke. "I'm kicking myself for not thinking of this." How come nobody has come up with it before?

The idea of the central bank printing money to fund spending is also bonkers, said Allister Heath in the same paper. It raises the prospect of hyperinflation, because unlike the quantitative easing we have seen in recent years, it would be near-impossible to reverse: the government would have an incentive to "print itself to re-election", triggering a loss of confidence in the currency. A Corbyn government would be a "complete disaster" for the economy.




Beyond the Brexit talk, the British economy isn’t doing too badly

The political Brexit pantomime aside, Britain is in pretty good shape. With near-record employment, strong wage growth and modest inflation, there is …
17 Oct 2019
UK Economy

What are negative interest rates and could they happen here?

Negative interest rates – where banks pay you to borrow money – now exist in many parts of the world. John Stepek explains why they are a terrible ide…
18 May 2020
UK Economy

We should not be blind to the failings of experts

Let’s by all means be guided by “the science”, but the boffins must not run the country, says Matthew Lynn. We must treat epidemiologists as we treat …
17 May 2020
UK Economy

What's the best way to end the neglect of our care homes?

Politicians have dodged dealing with a growing crisis in social care for decades. The problem cannot be put off any longer. But what is the best way f…
16 May 2020

Most Popular

Investment strategy

How John Maynard Keynes learned the folly of market timing

In an extract from his book The Sceptical Investor, John Stepek explains how the great economist John Maynard Keynes came a cropper when he first star…
25 May 2020
Emerging markets

A new lease of life for the Brics

Emerging markets are having a surprisingly good crisis. Their long-predicted rise will now continue.
24 May 2020

Battling volatility: The benefits of an active manager

SPONSORED CONTENT – Alastair Wilson, managing director of Close Brothers, on the advantages of active investing in times of crisis.
21 May 2020