‘BRACE, BRACE FOR IMPACT, a financial tsunami is heading for Britain, threatening to sweep away Andy Burnham’s premiership before it even gets started.’ This was the message in yesterday’s Daily Telegraph.
It continued: ‘It is a miracle that it did not happen sooner, but in recent days the markets finally lost confidence in the British States ability to balance its books and to keep control of inflation, an area demanding sharply higher interest rates to keep lending us the £252bn worth of gilts we hope to borrow this year alone (including redemptions).
‘The result: British politics was permanently upended in a matter of days.
‘All the old assumptions have been demolished. An even greater share of tax receipts will have to go towards paying debt interest, and the costs of loans and mortgages will also rise, accelerating the real terms decline in house prices.
‘The black hole in the public finances has expanded over the last few days, and could grow uncontrollably if sentiment continues to turn against Britain, requiring emergency action to slash spending and raise revenue.’
It added: ‘There can be no free buses, no free social care, no cost of living handouts, and catastrophically, no meaningful path to spending 3 per cent of GDP on defence. Tax rises and spending cuts will be required to merely cling to the status quo ante’.
There is not the slightest doubt that British capitalism is in its death agony, and that the reformist leaders of the TUC and the Labour Party have not got the slightest intention of intervening in this class struggle to demand a general strike to bring in a Workers Government and a planned and nationalised socialist economy.
There is also not the slightest doubt that Labour has failed completely to deliver on its pledge to create hundreds of thousands of net-zero jobs, the Resolution Foundation has warned.
The left-leaning think-tank, which has close links to Labour, warned that disputes about extracting Britain’s remaining oil and gas reserves risk overlooking concerns about just where the energy jobs of the future will come from.
Former Energy Secretary Ed Miliband pledged in 2025 that Labour’s ‘clean energy jobs plan’ would aim to create 860,000 ‘good jobs’.
However, the think-tank estimated that fewer than one in ten of these jobs – just 70,000 – would be permanent roles in industrial hubs such as Aberdeen and Grimsby with the rest either scattered across the UK, or only offering temporary work.
Jonathan Marshall, principle economist at Resolution, Foundation, warned that politicians on all sides risk missing the bigger picture when it comes to jobs and the impact of net zero. He stressed politicians on all sides risked ‘planning for a net zero jobs boom that risks never arriving’.
There is the only one way out of the desperate crisis of British and worldwide capitalism.
Capitalism is completely bankrupted and the ruling class is planning a desperate future for the working class and its youth.
The real issue of the hour is that the trade unions must call a Special Congress to defend the working class from the death agony of British capitalism, and to take immediate measures to bring down the pro-bosses Burnham Labour government and to bring in a Workers Government, that will nationalise the banks and the major industries and bring in a socialist nationalised and planned economy.
The only way to end the crisis of Capitalism is through the victory of the world socialist revolution, consigning capitalism to the dustbin of history.
Capitalism has had its day. The US-UK, and EU banks and major industries must be nationalised as part of a planned world wide socialist economy
There is only one way out of the worldwide crisis of capitalism.
This is to rapidly build up the Workers Revolutionary Party and to build sections of the International Committee of the Fourth International in every country.
This is the only way out of this crisis, and that will provide a decent future for workers and youth today!
