More Corbynomics…

So Jeremy Corbyn has made his first his big policy speech of the year to the Fabian Society, but what’s the meat of it?

Big flagship policy! Companies will be forced to pay the living wage as a minimum to all it’s employees and prevented from paying dividends if it doesn’t. But hang on a moment…didn’t Osborne announce that the minimum wage would increase to the living wage by 2020 anyway? In which case it’s already going to enshrined in law and the dividend block will never apply. Never mind! It sounds good.

Now I know some of will point out that it only applies to over 25 year olds – which I agree is unfair – but then Corbyn didn’t exactly present it like that, did he? No, because that wouldn’t have sounded so good.

Other big announcements? Allowing small businesses to enter the energy market. Well, they already can so that’s nonsense too.

And then there’s the old chestnuts – renationalising the railways, extending infrastructure, building more houses blah blah blah! Well, where’s the money coming from Jeremy? Tax and spend, same old same old? Sound familiar?

To be fair, he makes a few good points. For example, the so called John Lewis model where maximum pay is restricted to a multiple of minimal pay within an organisation. Looking at the growth in that multiple, I would agree things have got out of hand at the top. But let’s not start another brain drain while we’re at it.

The one thing that Corbyn hasn’t yet learnt is that you can’t spend your way out of a recession and that squeezing the rich until the pips squeak stifles investment, growth and jobs. Until he learns that God forbid he ever gets into Number 10 because it will be a disaster for the UK


15 responses to “More Corbynomics…

  1. For example, the so called John Lewis model where maximum pay is restricted to a multiple of minimal pay within an organisation.

    If an organisation wishes to follow this model, then fine. Nothing to do with government, though and it never should be. None of their damned business.

    As for Corbyn, what a scumbag. He would drag us back to the worst of the nineteen seventies with flying pickets terrorising workers who want to, actually, work.

    Nationalising railways? Fuck off! I worked in the dying days of BR and I wouldn’t go back. Inefficient and wasteful. The privatised (well, semi) system we currently have may be flawed, but it is far, far better than BR.

  2. The first thing that needs to happen with UK is to get out of the EU, then let’s see what the various party’s can offer. Cameron promised the referendum before the end of 2017 but the sooner it happens the better, so in effect what ever Corbyn says right now may well not make any difference anyway, as should we leave things will be a little different.

    • I agree that out is best but will the great British public be bright enough to see that?

      Take the steel industry. Loads of layoffs. We can’t impose trade barriers on imported Chinese steel because we’re in the EU. We can’t give the steel industry state aid because we’re in the EU. If we left the EU then there’d be a hell of a lot less people in South Wales facing unemployment…

      • Let’s do take the Steel Industry. Let’s say the UK leaves the EU and the happy Welshmen get work in the Welsh Steel Mills producing fine British steel once again.
        Who’s gonna buy it? It’ll be more expensive than Chinese steel, Innit? Will you force other British steel-consuming companies to forgo cheaper Chinese steel and purchase the pricey British steel? Why stop at steel? The UK can start manufacturing Televisions and Appliances again – those jobs are good/Union/lucrative. Simple process to slap massive import duties on the less expensive Chinese/Indian/Korean stuff so the British made stuff is relatively cheaper. In fact, the British manufacturers can charge what ever they want for their product/service, the Government ensures they have no foreign competition. This is an insular Command Economy and the last folks who tried it – Soviet Union – didn’t fare well.

  3. I have spoken to many people form all walks of life and in various different organisations, even within our council, and i haven’t yet heard anyone say they would rather stay in. Having said that only they know which way they would or will vote if and when the time comes.
    Even some of the largest businesses here have said publicly in the past we would be better off out.
    The trouble is we only have one political party that is willing to put up any sort of argument for leaving. Labour and Liberals definately don’t want us to leave and Cameron only promised the referendum because he was under too much pressure from UKIP.

  4. “……..Tax and spend, same old same old?……..”

    In Canada/US, this ‘Tax and Spend’ is a financing system purported to be used by Liberals/Democrats/Socialists. Conversely, ‘Borrow and Spend’ is a tactic used by the Conservatives/Republicans/Libertarians. In the end, both policies rest in the wallets of the simple folk.

    “……..Looking at the growth in that multiple, I would agree things have got out of hand at the top……..”

    Really? So if you were at the top and you were offered remuneration that heretofore you would have considered ‘out of hand’, you’d refuse it? You don’t strike me as a self-denying socialist, why hold socialist views in pay-packet policy? I can understand the logic in ‘minimum wage’ politics, but maximum wages should be left to the Market to determine, even though the optics of this for the ignorant masses is politically ‘messy’. By the way, when Government forces a wage increase on Business, Business just raises its product/service prices to compensate. This causes inflation AND the poor working stiff ends up with the same purchasing power anyway.

    “……..the minimum wage would increase to the living wage by 2020 anyway?……”

    What I want to know, is how the concept of the ‘living wage’ is defined and then numerically determined. All sorts of politics go into that one.
    For instance, it is determined by the ‘Living Wage’ gods that each working stiff must be able to afford a few cans of tuna each week in order to maintain a ‘decent’ life. Fair enough, but what kind of tuna? Skipjack(very inexpensive); Yellowfin(middle-of-the-road pricey) or Albacore(Very expensive)?

    “……is that you can’t spend your way out of a recession……”

    Not a Keynesian then, are we.

  5. This Corbyn character is a rather disheveled looking bloke.

  6. It was a donkey jacket. Made out of similar material as a duffle coat but without the hood and with a piece of fake leather across the shoulders.

  7. Analysis of Corbynomics linked. Main takeaways? Anti-business, anti-borrowing, inflationary approach.