UK POLITICS: Labour Party ‘Scenario Planning’ for Run on Sterling if Elected

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By Politicoscope September 26, 2017 17:40

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“What if there is a run on the pound? What happens if there is this concept of capital flight? I don’t think there will be but you never know so we’ve got to scenario-plan for that,” Labour’s would-be finance minister John McDonnell said at a conference event late on Monday, according to a recording posted on the Guido Fawkes news website.

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UK POLITICS: Labour Party ‘Scenario Planning’ for Run on Sterling if Elected

Britain’s opposition Labour Party is drawing up a plan to counter capital flight and a run on the pound if it is elected to run the country, the party’s economic policy chief has said.

Labour is holding its annual conference three months after an election in which its left-wing programme found unexpected support among an electorate hungry for change, but fell short of the level needed to take power from Prime Minister Theresa May’s Conservatives.

Another election is not currently scheduled until 2022. Nevertheless Labour says it is ready to govern if May’s minority administration, weakened by a botched election campaign and divided over Brexit, falls.

“What if there is a run on the pound? What happens if there is this concept of capital flight? I don’t think there will be but you never know so we’ve got to scenario-plan for that,” Labour’s would-be finance minister John McDonnell said at a conference event late on Monday, according to a recording posted on the Guido Fawkes news website.

“People want to know we are ready and they want to know we have got a response to anything that could happen. Because if we can demonstrate that … that will calm things down.”

Asked about the comments, Labour leader Jeremy Corbyn told the BBC it was right to be looking at all scenarios.

On Monday, McDonnell set out plans to nationalise billions of pounds of privately-funded infrastructure contracts, cap credit card interest charges, and get extra cash from large corporations.

That has raised concerns among some of the many businesses who came to the Labour conference to find out more about the party’s policies.

Before the June election, the veteran socialist Corbyn and his team were not widely seen outside of party ranks as a government-in-waiting, but since their unexpectedly strong showing the prospect of a Labour government is being taken more seriously by businesses, the media and some Conservatives.

– Reuters


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Politicoscope
By Politicoscope September 26, 2017 17:40

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Since You’re Here, We Would Like to ask You for Help

There are more readers worldwide reading the Politicoscope daily news content than ever before. Unlike many other news media organisations that charge their readers subscription fees for the same daily news content and features we offer you for free, we do not charge all our readers to pay any fee. We depend on online advertising to generate the revenues to fund all these great news content and exclusive features provided to you for free. Currently, advertising revenues are quickly falling which is affecting our ability to offer you free online news content.
If everyone who reads our news content, likes it and helps to support it, we can have future guarantee to offer you with the best daily news content and other amazing features, all for free.
"I visit Politicoscope everyday to read my daily news in world politics. I'm glad it's all for free. On my part, I'm happy to donate monthly so as to continue enjoying these free content because it's actually a small amount from me compared to paid subscriptions by other news organisations. I want to help Politicoscope grow more so that I and other readers can continue to have access to free and exclusive daily online news." - Denise H., from LA, USA.
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