Jeremy Corbyn and John McDonnell’s economic policy proves Labour’s just taking the Mickey


IT’S Budget week, the point in the political calendar when powerful Chancellors used to command the economic stage and thrill or terrify voters.

In simpler days, the National Debt was manageable and Treasury ministers could rely on tax revenues to pay the bills.

 Jeremy Corbyn’s socialist fantasies will leave Britain like Venezuela, says Trevor Kavanagh Jeremy Corbyn’s socialist fantasies will leave Britain like Venezuela, says Trevor Kavanagh

Today debt has rocketed to an eye-bleeding £1.8TRILLION, the Treasury still borrows every penny it spends and firms ruthlessly avoid the cack-handed clutches of HMRC.

Who would want to be in Chancellor Phil Hammond’s shoes? Apart from Labour’s John McDonnell . . . and Cabinet rival Michael Gove, of course.

Hammond may be doomed even before he stands up in the Commons on Wednesday. He is already tipped for the chop in the next reshuffle.

He has peanuts to spend and a shroud-waving army of the sick, homeless and discontented on his doorstep.

 EPA “Spreadsheet Phil” is set to deliver his Budget on Wednesday

According to Labour, millions are suffering, the NHS is in ruins, nurses, teachers and the entire public sector need more pay. Hundreds of thousands of houses must be built every year for first-time buyers and migrants.

The chorus of special pleaders is deafening. And a little misleading. We have near-full employment for the first time in decades, wages are rising, voters are happy and the economy is growing, not collapsing as almost every Remainer predicted before Brexit.

If anything, the problem Phil Hammond faces is the raised expectations of voters who have actually done rather better than expected since the 2008 slump.

True, damage inflicted by the banks has gone unpunished and there are still too many people with real problems in making ends meet.

 Critics say McDonnell's plan to burden the state will risk economic stabilityAlamy Live News Critics say McDonnell’s plan to burden the state will risk economic stability

The State is expected to answer them all, especially with Jeremy Corbyn and his sinister side-kick McDonnell claiming they can shake a magical Money Tree.

Sorcerer’s Apprentice McDonnell was at it again yesterday, dressed in funereal black, vowing to scrap PPI contracts, renationalise railways and water utilities and borrow big for infrastructure.

He was talking like a dodgy three-card trickster, but if I heard correctly it came to about £250BILLION apiece.

Luckily, it won’t cost voters a brass farthing. Under some fairytale formula unknown to the vile Tories, a Labour Chancellor would fund this socialist fantasy out of future “profits”.

 Labour is polling at eight points behind the floundering Tories on economic managementPA:Press Association Labour is polling at eight points behind the floundering Tories on economic management

Yes, the sort of profits British Leyland, British Telecom, British Rail, British Steel and British Coal used to make.

You might scoff, but socialism is a tried and tested success.

Look at Venezuela, the Marxist utopia worshipped by Jezza and his deluded left-wing pals.

This South American paradise, afloat on the world’s biggest oil reserves, was hailed by Corbyn a few months ago as a template for the UK.

 Caracas adopted a Jezza-esque economic planPA:Press Association Caracas adopted a Jezza-esque economic plan

Then they went crackers in Caracas with McDonnell-style economics.

Venezuela ended up last week defaulting on its debts, leaving people to starve and begging for a lifebelt from kindly Vlad Putin.

Jezza, who is also a fan of the Kremlin tyrant, has gone strangely silent. No wonder Labour is eight points behind the floundering Tories on economic management.

Amazingly, McDonnell yesterday celebrated this margin of distrust, gleefully pointing out Labour was TWENTY points adrift last year. Away with the fairies or what?

“Spreadsheet Phil” has taken plenty of flak from critics, including this column, but at least he is serious about economic stability and paying our way.

 Chancellor Hammond will present his Budget speech on WednesdayEPA Chancellor Hammond will present his Budget speech on Wednesday

He might be terminally downbeat about Brexit, but he says Britain can and will make the best of it.

“Britain has a very bright future ahead of it and we have to embrace the opportunities a post-Brexit world will have to offer,” he told the BBC’s Andrew Marr.

“We must run towards these opportunities and seize them.”

Sadly, in one of his many U-turns, Mr Hammond has run away from the greatest of these opportunities. At one point, he wanted to make Britain a magnet for foreign investment by slashing business taxes in the event of a No Deal Brexit.

That would have focused minds in Brussels and perhaps persuaded EU bosses a decent trade deal is good for both sides. Unfortunately, he ditched the idea.

A job perhaps for the next Chancellor.

Surrendering sovereignty over courts is a sure-fire way to lose next election

BREXIT supremo David Davis is apparently ready to give Brussels a say over UK law for years after Brexit – despite the PM’s vow to “take back control of our laws and end the jurisdiction of the ECJ”.

The ECJ could seize the opportunity to introduce unwelcome new laws binding the UK on anything it likes while transition arrangements continue, even after we have officially broken free.

As top Brexit lawyer Martin Howe QC points out, the ECJ will be an entirely foreign court once we leave the EU. No sovereign country should bend the knee to a foreign jurisdiction.

A deal like this is the surest guarantee the Tories would lose the next election.

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