Shadow chancellor John McDonnell said Labour will unleash an economic “revolution” if it wins power. The Labour MP for Hayes, who has previously named Soviet revolutionaries Lenin and Trotsky as key intellectual influences, told the BBC he saw parallels with 1979 when Margaret Thatcher swept to power. "Things aren't working for people, so they're looking for change," he said. Read more: John McDonnell's Marxist ideas for financing would be a disaster Asked whether Labour’s policies represented revolution or evolution, he said: "OK it will be a revolution. Transformative - because we are going to change society and that's what's demanded of us now." He added: "And do you know? I think most people accept that now. We'll do it by taking people with us. But it will be done on a very pragmatic basis. "It is common sense socialism and the point about that first period of office when we go into government will be to lay the foundations for this transformation that we want. … [Read more...] about Labour policies will represent ‘revolution’ for UK economy says John McDonnell
Labour housing policy
South Korea has been boosting its support for Vietnam to formulate its social housing policy currently being implemented effectively nationwide, bringing major benefits to local people. Kim Jin-oh, country director of KOICA in Vietnam (seventh from left) and participants at the workshop On February 21, the Korea International Cooperation Agency (KOICA) and the Ministry of Construction (MoC) jointly organised the Inception Workshop for the project entitled “Establishment of the 2021-2030 Comprehensive Social Housing Policy in Vietnam,” with the attendance of Deputy Minister of Construction Nguyen Van Sinh and country director of KOICA in Vietnam, Kim Jin-oh. The Vietnamese government has long been considering housing as a social issue and a priority mission in the national socio-economic development agenda. This includes developing social housing for marginalised groups such as low-income households in urban areas and labourers working … [Read more...] about South Korea lends housing support
The Commonwealth Bank thinks the downturn in Australian home prices will now be larger than it previously thought. It says weaker growth in housing credit and deteriorating sentiment towards the outlook for prices are the main factors behind the downward revision. The largest price declines are likely to occur in Sydney and Melbourne. A mixed performance is expected across the smaller capitals. It says there are both downside and upside risks to its forecasts. One of the downside risks is Labor’s proposed changes on the tax treatment of housing. While there is the potential for larger price falls, it says there’s two factors that should prevent a price crash. The Commonwealth Bank, Australia’s largest home loan lender, thinks the downturn in Australian home prices will now be larger than it previously thought. Like many other forecasters, it expects the deepest falls will be seen in Sydney and Melbourne, those capital city markets that saw prices increase … [Read more...] about CBA now sees house prices declining faster than expected, and thinks Labor’s housing policy will be a factor
By David Olive Business Columnist Fri., Oct. 19, 2018 There is a social revolution quietly underway in Great Britain, with significant implications for the world’s leading economies. So far, the radical changes likely in store for British capitalism, in the very country that invented it, have been obscured by the drama of Brexit, Britain’s pending divorce from the European Union (EU). The U.K. Labour Party, which is likely to take power in Britain next year, is unique in the advanced economies in its aggressive promotion of measures that will end the “grotesque unfairness within our society,” as Labour’s popular shadow finance minister, John McDonnell, describes the growing gap between rich and poor. As strongman governments have taken power in Poland, Hungary and most recently Austria, U.K. Labour is also unusual in channeling populist discontent in a constructive way, absent scapegoating of immigrants and demonization of … [Read more...] about How Labour’s new policy minds the U.K.’s inequality gap
’ve spoken in the past about my longtime membership of the Labour Party and my admiration for Tony Blair’s government. And just as often I have expressed disappointment with Labour’s current direction and with its current leadership, who have tried to force an unworkable brand of politics onto the party. Why am I still a member? Because I believe that moderates can wrest control of the party away from the hands of demagogues––but the critics need to stand up and make themselves known. Jeremy Corbyn and his supporters have no right to take the moral high ground when it comes to talking about Tony Blair’s years in government. Blair was pragmatic, but that’s not the same as lacking principle. When Blair won in 1997, many assumed he would drop the New Labour “facade”, which was surely a marketing ploy and a not a model for governing the country. They were wrong. New Labour policy saw an increase in public spending on health and … [Read more...] about As 2017 ends, what is the state of the British Labour Party?