At last we have a Labour leader who isn’t afraid to challenge the tired Tory non-truth about the financial crash of 2008.
And Jeremy Corbyn followed it up by telling Andrew Marr exactly how little benefit the UK has gained from six long years of selfish Tory austerity.
The last time we heard these facts, they were coming from Peter Hain on Radio 4’s Any Questions – and he quit as an MP shortly after, if I recall correctly.
Jeremy Corbyn isn’t about to quit. He just won a huge mandate to continue as leader of the Labour Party. And when he appeared on Andrew Marr’s political talk show today (September 25), he had something to say.
They had been discussing Mr Corbyn’s plan to invest £500 billion into the UK economy.
“That’s an eye-watering sum,” said Mr Marr. “Have you any calculation of how much British taxpayers are going to have to pay in interest rates if you do this?”
Mr Corbyn’s response indicated that the interviewer was following the wrong train of thought. He was failing to consider the return that the UK would be receiving on this investment: “It will be an investment that brings in greater tax income, because you grow the economy, you get greater tax income. We’ve had six years, now, of austerity in Britain… that has reduced wages, reduced living standards for many people, cut public services in many places and has not resulted in the economic growth that the government predicted. We’re saying invest in order to grow.”
“This is what Blair and Brown did and then the British people decided they couldn’t be trusted,” press Marr. “They borrowed and then there was the crash.”
Here’s how Mr Corbyn responded:
He continued: “Since then, banking regulation does require them to have sufficient capital assets to protect them against that, and there’s much tougher regulation on the banking system. Maybe it should be even tougher. There’s a good case for that. But: It was not government expenditure that caused the crash.
“We’re saying invest to grow. Invest in housing. We’re spending £9.5 billion every year in subsidising the private housing market, the private rented sector, through housing benefit payments to tenants who have the right to access those benefits. If those people were in social housing – council housing – the cost would be infinitesimal compared to £9.5 billion. And we would have that money to invest in building houses which would in turn create jobs… Isn’t that a virtuous circle?”
Yes it is.
But of course it doesn’t give billions of pounds of public money to Conservative landlords. That’s why it isn’t happening now, although Mr Corbyn stopped short of saying it.
And this is why many Labour policies are poo-poo’d by the Conservative Government; the Tories are on the gravy train and they’ll say anything to keep that train running.
It’s why Boris Johnson said the UK can’t take increased taxation, earlier in the same programme – not because we can’t afford it (as he claimed) but because it would mean the super-rich, like himself, would have less cash to play with.
Their earnings have increased exponentially over the last six years of Tory misrule, while the nation’s finances have nosedived.
What a pleasure to have a political leader who talks sense.
Note: Feel free to share the images as infographics, but please provide a link back to this article if you do.
Join the Vox Political Facebook page.
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Buy Vox Political books so we can continue
fighting for the facts.
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here: