Is Labor really not eligible under Jeremy Corbyn
Labor Party wants to nationalize railways and postal services
London - The British Labor Party is entering the upcoming general election with a bunch of radical proposals on economic and social policy. According to a detailed draft for the party program, the Labor Party wants to stimulate the economy with an investment program of 250 billion pounds, the equivalent of 296 billion euros.
The privatized railways and the Royal Mail are to be nationalized little by little, private energy and water suppliers would face competition from public-sector companies. A new labor ministry is to be created to ensure that the wide gap between maximum and low salaries in companies is narrowing. It is about "modern, future-oriented ideas," said financial policy spokesman John McDonnell on Thursday.
The largest opposition party actually didn't want to present its ideas for the next five years until next week. On Thursday, the party committees should adopt a 43-page draft program. However, the paper found its way into the media on Wednesday evening. This is "not exactly ideal," admitted campaign coordinator Andrew Gwynne to the BBC. "But at least Labor is on everyone's lips that way."
Big deficit to Tories
The polls indicate that the party and its chairman Jeremy Corbyn need a little publicity: between 26 and 30 percent of Britons would vote for Labor four weeks before the election, while 45 to 48 percent want the Conservatives under Prime Minister Theresa May vote. In the local elections last week, the Tories won - highly unusual for a ruling party - hundreds of additional seats, and Labor suffered severe defeats in previous strongholds such as Middlesbrough. With the election slogan "For the many, not the few" ("For the many, not the few)", Labor, under the left party leader, is following a slogan of the three-time electoral Prime Minister Tony Blair (1997-2007). The proposals to renationalize the railways nationalized more than 20 years ago were already included in the election manifesto of Corbyn's hapless predecessor Edward Miliband (2010–15).
Transport experts point out that the lucrative route between London and the Scottish capital Edinburgh between two private competitors has already been publicly owned and made a profit. Surveys suggest that repatriation of the railways to state ownership would be popular.
Key rates unchanged
The same applies to the electricity, gas and water suppliers that were privatized in the 1990s. The Blair government imposed a special tax in the billions in 1997, but left the ownership structure untouched. May's Tory government adopted a Miliband proposal during the election campaign and promises to freeze energy prices. Labor, on the other hand, is apparently planning to set up regional companies in central or local government. The traditional postal company Royal Mail, which was only partially privatized in 2013, is to become state again, which would cost around 4.7 billion euros according to the current market price.
The extremely low interest rates - the Bank of England left the key interest rate at 0.25 percent despite rising inflation of 2.3 percent on Thursday - Labor wants to take advantage of a stimulus in the classic Keynesian style: with several hundred billion new roads and railways and one million social housing units are built within a few years. Significant financial injections would also benefit schools, hospitals and universities. Labor wants to finance the additional expenditure by increasing corporate taxes from the current 19 to 26 percent. Those earning an annual income of around 95,000 euros or more should pay higher taxes. VAT and pension insurance should remain unchanged. (Sebastian Borger, May 11, 2017)
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