Jeremy Corbyn just achieved what the British establishment said was never possible

The British establishment has mercilessly smeared Jeremy Corbyn since he became Labour leader in 2015. If other vilifying failed though, it always had a fallback line of attack. ‘Labour will wreck the economy,’ it screamed. ‘Red menance Corbyn will tank Britain,’ it wailed.

Clearly, establishment politicians and their dutiful right-wing media thought the economy was something they could depend on to ‘get’ Corbyn. But no longer, it seems. Because with the threat of a no-deal Brexit looming, markets now see Labour as a better bet for Britain’s finances.

Unexpected turn of events

Analysts at both Citibank and Deutsche Bank have piped up about the revised ‘threat level’ of a Corbyn-led government to the economy. Clearly, it’s Boris Johnson’s drive towards a no-deal Brexit, and the economic dangers that poses, which is bringing about their change of mind. Deutsche’s Oliver Harvey said:

First, any market-unfriendly policies instigated during a Labour government are temporary (until the government is voted out of office), and must be set against the permanent shock caused by a no deal Brexit.

Second, we see the magnitude of economic damage caused by a no deal Brexit as much higher than policies proposed in the last Labour manifesto.

He added that financiers’ fears about Corbyn “may be overstated”.

Meanwhile, Citibank’s Christian Schulz said that, while “risks to the longer-term outlook” from a Labour government remain unchanged from a year ago:

a fiscally profligate no-deal Conservative government is no longer as enticing.

A new reality

These analysts remain concerned about the ‘long-term risk’ to financiers’ interests from a Corbyn-led government. And they should be. Because Labour’s 2017 manifesto promised a fundamental shift in the country’s economic policy. It offered a vision of Britain where essential services are run by and for the people, with any profit from those services going back into the public finances. It also promised a country where companies will pay their fair share of tax, which again will bolster the public purse to the benefit of citizens. Furthermore, Labour has now pledged to ensure workers have a real stake, and voice, in the large companies they work for through the creation of an ‘inclusive ownership fund’.

The Financial Times is right:

“The Labour leadership is determined to shift power away from bosses and landlords and to workers and tenants.” pic.twitter.com/781CAuOCqw

— Jeremy Corbyn (@jeremycorbyn) September 2, 2019

Of course, these are ‘risky’ propositions to financiers – who have benefited greatly from a financial system that sees a handful of people raking in billions while huge swathes of the population struggle to scrape by. But now, despite those ‘risks’, financiers apparently see the Tories as more dangerous to their bottom line than Labour.

What an unexpected, and amusing, turn of events.

Featured image via Owen Jones/YouTube

Tags: Brexit Jeremy Corbyn

Comments 2

nobodylicksme says:

7 years ago

To foil our democratically achieved Brexit Corbyn has just fucked us sideways and The Canary welcomes it. The Canary should never call itself democratic ever again.

- Shaolin12 says:
  
  7 years ago
  
  What democratically achieved Brexit ? I haven’t seen a democratically achieved Brexit yet, has anyone else?
  
  I’m pretty sure that what we had was a democratic VOTE on whether we wanted to remain in or out of the European Union, the Brexit itself isn’t due till 31st of October, therefore, using honest logic, Brexit hasn’t been achieved yet, and that makes you about the most dumb commenter on The Canary ever.
  
  You need to learn the difference between past, present, and future, better grammar, better punctuation, better construction of a statement. I mean really, your post doesn’t even read like normal English.
  
  “To foil our democratically achieved Brexit Corbyn has ……….”. Huh, you what now????
  
  To start with, punctuation …
  
  … ‘To foil our democratically achieved Brexit (COMMA), Corbyn has just fucked us sideways (COMMA), and The Canary welcomes it. The Canary should never call itself democratic ever again.’ …
  
  … next on the list, The Canary didn’t write this article, Tracey Keeling did, and the fact that dumb fucks like yourself are quite free to post comments on this site utterly disprove your claim that they are undemocratic. You really didn’t think this through did you … machine-troll?
  
  Show me/quote me any articles where The Canary calls itself Democratic, I bet you can’t even find one, what is more, The Canary staff and contributors know more about what Democracy is than your dumb arse, they certainly haven’t removed your dumb-arsed comments, and nor should they. Democracy is letting everyone see what a fool you are.
  
  In addition, please show/tell us exactly how it is that you think Jeremy Corbyn has fucked us sideways for the purpose of foiling a democratically achieved Brexit (which hasn’t yet happened).
  
  I would particularly like to see the proof of this, however this is something you can’t do because Brexit has not been achieved at all yet, democratically or otherwise, it is still a future event, and what’s more, you literally have no proof that Jeremy Corbyn has intended or intends to fuck us all sideways, because you, of all people, have no mind-reading or people-reading skills whatsoever.
  
  You literally have terrible communication skills (reading, writing, learning and comprehension). You don’t even understand how an opinion differs to a fact, preferring to view your own opinions as facts, and in most of your posts it is quite clear that you are just parroting other people’s opinions because you don’t know how to research properly to form your own accurate ones.
  
  You are of course entitled to your own opinions, but you are NOT entitled to create your own facts. From reading several of your posts, I’m not even convinced you are a human being, but then saying that, I have conversed with machines online which have far better communications skills than you posses.
  
  Please ask your programmer to tweak your algorithm so that you can at least appear like a human poster, or make changes to your programming so that you can at least compete with a calculator.