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A people’s quantitative easing: Jeremy Corbyn

July 24, 2015

 We thank Colin Hines for bringing Corbyn’s article ‘Invest in Our Future’ to our attention.

A failed economic model
“Britain is booming. That was the message George Osborne gave in his Budget statement. But booming for who? The UK operates a failed economic model, and this Budget did nothing to change that.
A low-pay, low-skill, low-productivity economy which leaves people’s potential untapped, talents wasted

“Last year UK companies made record profits, yet over five million working people – one in six – earn less than the living wage. In-work poverty has never been higher. The number of working people claiming housing benefit to pay exorbitant rents has trebled.

After ‘unpicking’ Osborne’s renaming of the minmum wage and the high level of underemployment now to lose tax credits which in part compensated for low wages, he turned to “Young people, our future, face the removal of student grants, no right to housing benefit, and with youth unemployment still high they will be hardest hit by the benefits freeze”.

Corbyn points out that the data published with the Budget shows public investment has been cut back even further, adding:

“You cannot cut your way to prosperity. We need to invest in our future . . . Large parts of our country have been neglected for more decades, with no real industrial strategy. Our national infrastructure – energy, housing, transport, digital – is outdated, leaving the UK lagging behind other developed economies. We won’t meet our environmental targets without these investments”.

That’s why I am calling for a people’s quantitative easing – and asking my fellow candidates to join me in that call

“The Bank of England must be given a new mandate to upgrade our economy to invest in new large scale housing, energy, transport and digital projects. This would give our economy a huge boost: upgrading our outdated infrastructure and creating over a million skilled jobs and genuine apprenticeships. Businesses large and small would benefit from the knock-on effects to the supply chain – and again from the advantages that the upgraded infrastructure would bring.

“While other countries invest in magnetic levitation train networks, ours remain old and unreliable with expensive fares; while other countries plan for a green energy future, the UK remains the dirty old man of Europe; while five million people languish on housing waiting lists, we sell off our housing, and have no plan to tackle the lowest rate of homebuilding for generations; and we rank just 10th in Europe for superfast broadband coverage and only 34th globally for download speeds.

“We need a strategic innovative state that will create the foundations for a strong economy”.

Read the whole article here

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