Today Sadiq Khan MP, was announced as the new London Mayoral Candidate for Labour. With strong links to the unions and a backer of Jeremy Corbyn, Mr Khan has benefited from the surge in activity from the left of the party. He is expected to be pitched against modernist Conservative MP for Richmond, Zac Goldsmith, which is sure to promise an interesting campaign on style, substance and sustainability. The challenge now for Labour will be increasing their support from their inner London heartlands, to tackle the “doughnut” of support the Conservatives hold under Boris across the London Suburbs.
This Saturday at 11.30, if the polls are to be believed, Jeremy Corbyn MP looks to be declared the new leader of the Labour Party. After 32 years as MP for Islington North with all of them spent on the backbench what does he stand for and what would a Corbyn Shadow Government look like? We’ve delved into his manifesto to bring you an overview of what the possible new leader of the Labour Party could mean for you and your business.
10 things to watch out for
1. “Quantitative Easing for People, instead of banks”
This policy has been at the cornerstone of Corbyn’s economic policy. He has suggested the Bank of England would create new money electronically to buy financial assets, such as large scale housing, energy, transport and digital projects. The aim: directly increasing private sector spending in the economy.
2. The Economy
Expect opposition to the Government’s cuts to corporation and inheritance tax, increased calls to tackle tax avoidance and tax evasion, as well as higher taxes for the rich, whilst protecting those on welfare. Corbyn has said he would still aim to bring down the deficit he will just not set an “arbitrary” date to achieve it by.
3. Re-nationalisation of the Railways
Like leadership rival, Andy Burnham MP, Corbyn supports the re-nationalisation of the Railways with a proposed Railways Act in 2020. He believes this will see investment returning to public infrastructure and will make services more accountable.
4. Defence
Corbyn has been a vocal advocate for many years for the Campaign for Nuclear Disarmament and has led, and been on, many anti-war campaigns. He views NATO as “a Cold War organisation,” and would consult on remaining a member whilst seeking to restrict its role. He is also opposed to the Trident nuclear deterrent and has said he would aim to talk to “everybody,” to achieve peace in the Middle East.
5. Europe
Mr Corbyn has not said he wants to “walk away” from Europe but has said we cannot be content with the way that Europe stands. He believes that the UK should be leading crucial negotiations on working arrangements across Europe as well as levels of corporate taxation and agreement on environmental regulation. He has also said he sees the treatment of Greece during the bailout negotiations as a reason for a potential exit. Could we see the Labour Party advocating an exit from the EU?
6. Housing
Rent controls, licensing and regulation of private landlords all feature in Corbyn’s housing manifesto. In addition, he has said he would scrap the bedroom tax and benefit cap.
7. Education
Mr Corbyn has pledged a National Education Service that would do what the NHS does for healthcare for education. It would provide a lifelong learning service, devolve power to local authorities, re-think “unaccountable,” free schools and academies, introduce a minimum wage for apprentices and focus on funding for adult learning. He has also said he would to scrap tuition fees completely.
8. Health and Welfare
Removing elements of privatisation in the NHS is a priority for Corbyn. He has committed to lowering the welfare bill through investment and growth not through cuts and child tax credits.
9. Workers’ Rights
In line with his strong left-wing grassroots appeal and his backing by six unions including Unite and Unison; the protection of workers’ rights is also a priority for Corbyn. He would have commitments to no zero-hours contracts and stronger collective bargaining mechanisms.
10. Northern Economy
Corbyn has attacked the disproportionate funding of the arts and policies that have led to the decline of UK manufacturing. He has called for greater investment in Northern transportation links and fully funded bus services with greater local control. He claims the Government’s “Norther Powerhouse” is a guise for further cuts, and is calling for far greater local investment.