by Jonathan Todd
After Neil Kinnock gained 43 seats to give Labour 271 MPs at the 1992 general election, he resigned and John Smith promised ‘one more heave’ to Labour government.
When Tony Blair succeeded John Smith, he sought to further smooth the path to government. He promised to not increase income tax or reverse the 1980s redrawing of the boundaries between state and market, and would be ‘tough on crime’. Labour, in short, was nothing, especially for swing voters, to be afraid of. Reassurance was the watchword.
After adding 30 seats at this year’s general election to create a PLP of 262 MPs, Jeremy Corbyn has been lauded beyond Kinnock’s wildest dreams.
The biggest cheer of the shadow chancellor’s conference speech was for promising to renationalise rail, water, energy, and the Royal Mail. The construction industry (every builder?!) was also earlier promised. As well as PFI contracts.
“We’re taking them back,” John McDonnell declared. A phrase with a ring of ‘taking back control’. Delivered with the vengeful glee with which President Trump calls for NFL players to be sacked.
Massive, complicated, open-ended commitments. John McDonnell’s speech indicated that they’d be financed by “closing tax loopholes”. Like no one – including, at least to some extent, the incumbent government – has tried that. There was also unconvincing talk of compensating equity holders with government debt.
The CBI warned of “investors running for the hills”. McDonnell speculated about a government in which he’d serve inducing a run on the pound. Don’t say you weren’t warned!
