Jeremy Corbyn takes the helm

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

15-9-17-Corbyn-634
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".

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.

Recommended

Beyond the Brexit talk, the British economy isn’t doing too badly
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
Bad data is driving fear of a second wave of Covid-19
UK Economy

Bad data is driving fear of a second wave of Covid-19

The recent spike in Covid-19 “cases” is very different to the original outbreak, says James Ferguson of MacroStrategy Partnership. The government need…
18 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Are we losing the moral high ground on Covid?
UK Economy

Are we losing the moral high ground on Covid?

Not only must we never see more than five other people at the same time, we must report those who do to the police, says Merryn Somerset Webb.
17 Sep 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020