Sunak signals austerity lite - time for Labour to wake up and start making an argument: for borrowing, spending, growth and monetary activism... 1/ link.medium.com/UwVlHTWReeb
2/ Sunak plans to plug £43bn "hole" though freezing income tax allowances, a phased-in corporation tax rise and cutting the aid budget - plus around £20bn of cuts or further tax rises not specified. Labour's job is to *oppose it all* - because it's austerity. But...
3/ What we need now is a comprehensive alternative vision, argument and policies. The remainder of Sunak's post-Covid stimulus is piss-poor: £20bn on offshore wind? Labour pledged £88bn. We need a Biden-scale 10% of GDP stimulus - and to stop worrying about bond yields...
4/ Because Labour (including large parts of its membership) refuses to have a political monetary policy, they're left arguing over whether to support or oppose business tax rises in a recession..medium.com/mosquito-ridge…
5/ There's only one place for a Labour MP when they vote on the Finance Bill - and that's in the No Lobby. What matters is the arguments you deploy in the next five days - and it should this... medium.com/mosquito-ridge…
6/ We need a 10% of GDP fiscal/ monetary stimulus to power our way out of recession, decarbonise Britain and Covid-proof the economy. 100% debt/GDP is an arbitrary target, no more "dangerous" than 60%. It's being used to justify austerity/inequality... medium.com/mosquito-ridge…
7/ The dead-end argument between LOTO and SCG, over whether to support a Tory austerity package (because that's what corporation tax rises is) is a symptom of HAVING NO VISION/ POLICIES OF YOUR OWN... medium.com/mosquito-ridge…
8/ Few on the left, even under Corbyn, were prepared to say: borrow, spend, massive QE and hit the bond vigilantes with capital controls. Until we do, the left is in a no-win argument with "redistributive austerity" a la Darling/Brown as the endpoint medium.com/mosquito-ridge…
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