Here’s another blow – not only for Jeremy Corbyn’s opponents in the Labour Party but for our hated Conservative Government: His policies of economic expansion have been acknowledged by experts as sensible, mainstream economics, and not the hard-left extremism that some people (Daily Telegraph, take note!) want you to think it is.

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.

In the letter to which David Blanchflower, a former member of the Bank of England’s monetary policy committee is a signatory, the economists write: “The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity.”

writing in the Observer, Corbyn defended his platform and said the government’s “free market dogma” had to be fought and vowed that a Labour government under his leadership would re-empower the state. The chancellor, George Osborne, intends to sell off £31bn of public assets in 2015-16.

Corbyn writes: “Parliament can feel like living in a time warp at the best of times, but this government is not just replaying 2010, but taking us back to 1979: ideologically committed to rolling back the state, attacking workers’ rights and trade union protection, selling off public assets, and extending the sell off to social housing.

“This agenda militates against everything the Chancellor says he wants to achieve. If you want to revive manufacturing and rebalance the economy, you need a strategic state leading the way.”

This confirms observations made on this blog after the latest unemployment figures were published and it was revealed that the economy is freewheeling, with nobody in government trying to steer it in a positive direction.

In defence of the Corbyn camp’s plans to renationalise privatised industries, John McDonnell MP, who is the candidate’s campaign agent, said that privatisation had been “a confidence trick”. He said: “Privatisation over the last four decades has been a history of the British people being robbed and the spivs snatching up the public assets being given the licence to print money. From the earliest privatisations of water, energy and rail to the PFI schemes from the last decade, it has been one long confidence trick.

“Under a Corbyn Labour government this shameful era of governments and ministers colluding in the picking of the taxpayers’ pockets will be brought to an abrupt end.

“Let’s also make it absolutely clear to any speculators in the City looking to make a fast buck at the taxpayers’ expense that if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.”

Vox Political applauds this commitment to bring publicly-funded resources back under public control. The people of the UK paid for the privatised industries, only to have them taken away by the greedy, with the profits lost in a haze of tax cuts for society’s wealthiest.

Corbyn has been accused – by opposing parties and his opponents in Labour – of trying to drag us back to the political atmosphere of the 1980s.

Isn’t it more accurate to say that he seems like a breath of fresh air?

Source: Jeremy Corbyn wins economists’ backing for anti-austerity policies | Politics | The Guardian