Labour’s opposition was instrumental to the Tories’ Budget crisis
Less than one year after winning the General Election the government has suffered a significant setback under the pressure of Labour’s attacks. The Tories have been forced to reverse a number of budget proposals, the Chancellor’s reputation for competence is in shreds, a cabinet minister has resigned, Tory infighting has intensified and Labour has advanced in the polls.
John McDonnell’s announcement of a ‘Fiscal Credibility Rule’ lays the foundation on which Labour can restore its economic credibility and correct the key policy failure that lost it the 2015 General Election. Jeremy Corbyn’s anti-austerity agenda is now underpinned with a sound economic framework. These policies to improve people’s living standards should set Labour’s agenda for its fight against the Tories. To guarantee this advance can be maintained it is necessary to remove the threat of a leadership coup.
The following article by John Ross, setting out why the Chinese economy will not have a hard landing, was previously published by Socialist Economic Bulletin.
Some US hedge funds, echoed by parts of the international media, are currently trotting out the perennially inaccurate myth that China’s economy is about to suffer a “hard landing.” This invariably incorrect prediction has been periodically repeated for decades since China launched economic reforms in 1978. The claim then was that by failing to privatize companies, not adopting what became known as “shock therapy” in Russia and Eastern Europe, China condemned itself to stagnation. Instead in 1978-2015, China experienced average annual 9.6 percent GDP growth – the fastest by a major economy in human history.
Refugees welcome here – Join the 19 March protest!
The British government and media demonisation of refugees and their whipping up of other forms of racism is a key ideological component of capital’s austerity offensive. The aim is to distract attention from the cause of declining living standards and divide the population so it fights amongst itself.
Labour lost the last general election because it had no economic credibility, as the overwhelming bulk of opinion polls show. John McDonnell’s new ‘Fiscal Credibility Rule’ decisively and correctly addresses that issue.
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