In a letter to the Financial Times this morning, 55 academics from across Britain’s universities and the political spectrum, say potential Labour Party leader, Jeremy Corbyn’s economic plans are “likely to be highly damaging” and represent thinking that is far from mainstream economics.
The letter makes few predictions but states:
- Re-nationalisation of industries would be a waste of public money and could undermine enterprise.
- Corbyn’s statement that the Bank of England could print money to fund public infrastructure at all times was highly damaging.
- His suggestion that the Exchequer was missing out on nearly £120bn in tax revenues due to evasion and avoidance, were “almost unbelievable.”
It was written, according to its signatories, to address the suggestion that all UK economists support Corbyn’s policies and follows a prior letter in his support written to The Observer by 40 economists including former Bank of England advisors.
It argued against suggestions that Corbyn's anti-austerity platform is not economically viable, and that it represents and extreme-left position.
Tonight the four MPs hoping to lead the Labour Party will go head to head on Sky News with just a week left to vote in the leadership election.
