by Samuel Dale
The far left has a new champion: Bernie Sanders. The plucky outsider who identifies as a socialist and is taking on the establishment with huge crowds and a popular uprising.
A pure-breed, straight-talking full-throated leftie. He’s going to trounce Hillary Clinton and take the presidency.
But I’ve looked through his economic policies and – I don’t want to upset you – but Sanders has more in common with George Osborne than Jeremy Corbyn.
Here’s 12 worrying policy similarities:
1.Wall Street tax. Let’s look at Sanders’ central campaign theme – the greed of Wall Street. He wants a so-called “tax on Wall Street speculators”. While Osborne opposes a financial transaction tax, he introduced a bank levy on balance sheets in 2010, raising nearly £3bn a year.
2. Break-up banks. Sanders also wants to break up banks that are too big to fail, going further than the current Volker rule in the US and ring-fencing rules in the UK that merely separate investment and retail arms within one company. Sounds radical but it is also the policy solution favoured by former Conservative Chancellor and Osborne mentor Nigel Lawson. Osborne has also introduced a rule that means banks can be broken up if the Treasury believes they are undermining the ring-fence.
3. Interest rate caps. Sanders backs a cap on credit card interest rates of 15%. Osborne has already capped payday loan rates.
4. The minimum wage. Sanders wants to increase the rate from just over ($7.25) £5 to just over £10 ($15). George Osborne I increasing the minimum wage from £7 to £9 an hour. And he is making it a rule that the minimum wage can never be below 60% of the average wage.
5. Sanders wants to invest $1 trillion over five years towards rebuilding infrastructure. Osborne is building HS2, a new south-east airport (eventually), the Northern Powerhouse (hopefully) as well as boosting councils to spend more on such projects too. Read the rest of this entry »









