Hooray! Good Times Ahead With Labour?

[Khandro]

'McDonnell says today, Labour will ‘end austerity’ in 100 days
Speaking in London this morning, shadow chancellor John McDonnell said that in its first 100 days in government, Labour would deliver a budget (on 5 Feb 2020) ‘which ends austerity once and for all’ and get ‘money moving out of Whitehall and the City’. McDonnell pledged that the budget would also ‘start the process of bringing water and energy into public ownership’ and provide ‘a real living wage of £10’.'

[dannyk13]

More pie in the sky.

[Theland]

Yes indeed. A break from the old worn out neo liberal economics that have been followed by both main partys for years.
A new way of thinking, but I fear we will get more of the same from Bojo.

[Theland]

Danny - What philosophy drives your politics?

[New Judge]

It will certainly get money moving out of the City. Quite where to is anybody's guess but it won't be anywhere in the UK.

I take it the "real living wage of £10" is per month - because that's about all it will be worth.

[Khandro]

A peep at the news in advance, "The first 100 days of the Corbyn government were to prove a challenge, however. As the new prime minister took office, the markets dramatically lost confidence in sterling and the FTSE. A radical manifesto that promised a sweeping extension of state control, nationalisation, and a massive increase in government spending terrified investors. After heavy selling on Friday, when the markets opened again in the Far East on Sunday night the pound had already sunk below parity with both the dollar and the euro.

By Monday, the FTSE lost another 1,000 points after the battering it took on the Friday. When Mark Carney pushed through an emergency rise in interest rates to protect the pound, he was dramatically fired by the chancellor John McDonnell, and the Bank of England was bought under Treasury control."

[Theland]

Khandro - I totally disagree.

[dannyk13]

Theland, I don'y really have a specific policy regarding politics. I favour a party which, in my opinion, is better for the country as a whole.

[Theland]

The old economics gave us a bail out for the greedy bankers, to the tune of billions.
We then had austerity and cuts to all essential services, so our quality of life was impaired.
Then we had Quantitative Easing, the result of which was to increase the value of share portfolios.
None of these were of any benefit to the, "many," but the, "few," loved it.
It's time for a new way of thinking.

[Khandro]

Theland I'm giving you the news in advance here ( I have a crystal ball) so there's nothing to agree or disagree with;

'On the Tuesday morning, capital controls were introduced to stop any more money fleeing the country. By the evening, half the flights out of Heathrow had been cancelled because of the backlog of checks on anyone taking more than £200 out of the country.

Over the rest of the month, prime minister Corbyn tried to push through his radical agenda. Student fees were abolished and old debts were written off with money created by the Bank of England. The water, rail and energy industries were taken into state ownership and investors paid only in newly-created ‘Green People’s Bonds’ which were immediately marked down to zero when anyone tried to trade them in the City.'

[Theland]

A new and interesting slant on the state of our politics.

[youngmafbog]

the land, you really dont understand how money works do you?

The moment Corbyn is told he has won, and possibly before, money will start moving out the country. Come the opening of the markets it will flood out. And all ths before Corby/McDonnell have done anything.

Once they start implmenting things then the real trouble starts becasue the income they were banking on is no longer there.

Blaming everything on the Bankers is naive to the limit. There were numerous things that caused it including councils investing in Iceland (not the shop) as well as sub prime Mortgages being sold wrongly in the US. Top this with the labour administration having had a spendng spree and there's why you have to have cut backs.

However, regardless of those problems cutbacks wwere required, or have you forgotten the myriad of non-jobs posted in the Guardian for 50K a pop?

[Mozz71]

//I favour a party which, in my opinion, is better for the country as a whole//

So you're not voting for either other two main cretins then?

[Theland]

So what policies will Bojo follow to make life less painful?

[Mozz71]

//so what policies will Bojo follow to make life less painful//

Their using the Japanese model with any luck. Ritual suicide of the entire cabinet if they fail to deliver Brexit by Jan 31st.

[Mozz71]

*They're. Dammit, can't blame that on autocorrect.

[Khandro]

It gets worse, just when you (Theland) thought it couldn't;
'Massive increases in public sector pay were pushed through but that didn’t stop Unite calling a series of strikes to ask for more. As the political world gathered again in January, the crisis only deepened. The EU declared that state aid rules had been broken and started legal action against the British government. Foreign secretary Diane Abbott tried to re-open negotiations on a new Withdrawal Agreement, but the prime minister’s declaration that he would campaign for Leave in a subsequent referendum meant the EU refused to talk any more.

At a crisis summit on 30 January, Angela Merkel and Emmanuel Macron agreed Britain would have to leave the EU the next day without a deal. Tariffs and border checks were imposed overnight. It got worse on the first day of February when president Trump announced tariffs of 50 per cent on all British goods in retaliation for Corbyn’s tax raid on Amazon. Trump completely banned the sale of Scotch whisky saying everyone should drink bourbon instead.'

[ToraToraTora]

Quite YMB, we've booked extra CPU in my bank just in case. We have 2 extra CECs standing by. Our Securities and cash process is pretty robust but we are anticipating huge throughput on Thursday/Friday if the market gets a sniff that Jezza could enter no 10.