Jeremy Corbyn has just announced that under a Labour Government, state assets privatised by the Tories might be renationalised, with minimal compensation.
I can see a certain Tory Labour “centrist” clique frowning at the ‘extremist’ audacity Corbyn is engaging in. Clearly the man has no electability or credibility! Right?
But just as the Tory Labour/Blairite establishment is reaching a crescendo of panicked claims that Corbyn is unelectable, that his economics (“Corbynomics”) don’t add up, and that his views are extremist hard left – more than 3 dozen notable economists have come out to back his anti-austerity stance publicly as being totally mainstream, congruent with the position of the IMF, and designed to boost growth and prosperity.
From the Guardian:
More than 40 leading economists, including a former adviser to the Bank of England, have made public their support for Jeremy Corbyn’s policies, dismissing claims that they are extreme, in a major boost to the leftwinger’s campaign to be leader.
The intervention comes as the Corbyn campaign reveals that a Labour government led by the MP for Islington North would reserve the right to renationalise Royal Bank of Scotland and other public assets, “with either no compensation or with any undervaluation deducted from any compensation for renationalisation” if they are sold at a knockdown price over the next five years…
But with just under three weeks until Ed Miliband’s replacement is announced, Corbyn’s credibility receives a welcome endorsement as 41 economists make public a letter defending his positions.
More detail on the backing Corbyn received from these economists is available here:
In the letter to which Danny Blanchflower, a previous participant of the Financial institution of England’s financial plan board is a signatory, the financial experts compose: “The allegation is commonly made that Jeremy Corbyn as well as his advocates have actually transferred to the severe left on financial plan. However this is not sustained by the prospect’s declarations or policies. His resistance to austerity is really traditional economics, also supported by the conventional IMF. He intends to improve development as well as success.”
So, Corbyn not only has mainstream appeal – he also has appeal amongst mainstream economists. This is what true, traditional, left wing economic credibility looks like.
More to the point, this is what true left wing leadership and courage looks (and sounds) like. My bet is that the UK electorate recognises it with ease – as does the Tory Labour right wing – and the reaction is going to be strong.