Pound surges at the prospect of a Jeremy Corbyn-led government

Jeremy Corbyn and pounds
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The pound has surged after Jeremy Corbyn offered to lead an interim government to stop no-deal and call a general election. Sterling reached above $1.21 and remained there after Corbyn launched his plan.

Establishment fearmongering exposed

Former chancellor Philip Hammond claimed that a Corbyn-led government would mean “a crash in the value of the pound, causing a shockwave of inflation”. But it seems that the opposite is true, with the prospect of an interim Corbyn government boosting the pound. Analyst at Spreadex Connor Campbell said:

In a move that is begging to be undermined by some hard Brexit soundbites, the pound surged 0.5% against the dollar and 0.8% against the euro as rebel Tories and Jeremy Corbyn agreed to meet to try and hash out a plan to deny Boris Johnson his much sought after no-deal Halloween

Corbyn’s plan

Outlining his plan by letter, Corbyn said that MPs should support a vote of no confidence in Boris Johnson, and then vote confidence in a temporary Labour government with the sole purpose of stopping a no-deal Brexit. The new minority Labour government would then extend the Brexit process to create time for a general election.

The SNP has already expressed potential support for Corbyn’s plan, as has the Green party and Plaid Cymru. With that in mind, Corbyn already has 287 votes to bring down Johnson. 322 is the threshold, meaning he needs another 35 votes.

Other parties like the Lib Dems are refusing to work with Corbyn. But he is the leader of the opposition. His party has 247 MPs and a membership of over 500,000. The next largest opposition party is the SNP with 35 MPs and around 125,000 members.

So the onus is on the Lib Dems, Change UK, and anyone serious about stopping no-deal to rally behind Corbyn.

Jubilant reaction

On social media, people reacted to the news:

It turns out the establishment’s fearmongering over a Corbyn-led government is actually applicable to Johnson’s administration. If victorious in a general election, a Corbyn government would not only prevent a no-deal Brexit but also bring in the investment programme that Britain needs. This will only benefit the economy, the pound included.

Featured image via Rwendland/ WikiCommons and Images of Money/ Flickr

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  • Show Comments
    1. Well, here is all the proof the country needs really isn’t it? Corbyn is the only Politician that has the only sensible plan to break this Brexit impass. The problem is, he and the Labour Party must be a very serious threat to the establishment as the Tories, the Lib Dems (oops sorry, Tories also), Change UK or whoever they are and the DUP will not support this eminently sensible proposal. I would hazard a guess and say the reason they won’t back it is because they are all running scared of a General Election. They clearly know something we don’t. They should put the good of the nation before their own paranoid self-interest – but they aren’t willing to do that because their own personal interests come first.

      Ridiculous people, ridiculous politicians and incompetent idiots who can’t even do what is best for Britain. Shame on you and thank you Jeremy Corbyn for being the only one who is thinking clearly and distinctly and trying to find solutions. You’ve done what you can. The rest of them mentioned above are willing to throw this country under the bus for their idiotic self-interest.

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