LABOUR’S shadow chancellor, John McDonnell, delivered a speech yesterday laying out the priorities for the first 100 days of a Labour government.
Within 100 days a Labour government would end 10 years of Tory austerity, renationalise public utilities and pour billions into the economy to stimulate an economic revival.
At the heart of Labour’s pledge to enact policies that McDonnell boasted would ‘remake government’ is the plan to finance the massive investment of £400 billion required by borrowing it from the world’s capitalist financial system.
At a time when the world’s financial system is crashing under the weight of an historic debt mountain, McDonnell and Corbyn believe the bankers and speculators will hand out billions to a Labour government in order to finance their investment programme.
As for the renationalisation of the railways, BT Openreach, Royal Mail, train companies along with the public utilities – water, gas and electricity – McDonnell can see no problems as Labour will be paying the former owners compensation.
The reality is that renationalisation of these vital public industries is specifically outlawed under EU legislation, as is state aid to failing industries.
The fact is that Labour is fighting this election on the basis of a great many promises that are entirely dependent on the willingness of the capitalist banking system to bankroll them.
On the EU, it is fighting with the policy of re-negotiating a deal with the EU that keeps the UK tied to the single market, tied to the customs union and tied completely to the EU courts and law. These same courts will immediately rule Labour’s renationalisation plans illegal – a fact that Corbyn and McDonnell ignore completely.
This policy imposed by the right wing for re-negotiation followed by a second referendum in which leaving the EU will not be an option makes McDonnell’s pledges worthless. No wonder the right wing have kept suspiciously quiet during the election campaign.
They have blackmailed and bludgeoned Corbyn into submission over Brexit and are now sitting back waiting for a Labour government to crash and burn when it comes up against the EU courts.
That the Labour Party is fighting this election under the onerous conditions imposed by the right wing does not mean that a Labour victory is impossible.
On the contrary, the hatred of workers and young people for the Tories, is so strong that for all the disenchantment with the weak Corbyn leadership the prospect of Labour winning is very real.
Even with a crippled leadership the working class will decide to bring down the Tories, creating the opportunity for the working class to take on the right-wing and a real fight against the cause of austerity and poverty – capitalism.
McDonnell will live to regret his opening remarks that ‘we’ll put power and wealth into the hands of those who create it.’
The working class creates the wealth and it is quite capable of seizing it! The policies of the WRP for this revolutionary situation are clear.
We are standing five candidates on a programme of expropriating the banks and major industries without compensation and under the management of the working class.
For the nationalisation of land and building industries to ensure decent housing for all.
Expropriating the capitalists will make available to workers all the wealth of the country to be used to eradicate poverty and provide the funding for an NHS free from the privateers.
For an immediate ‘no-deal’ break with the EU.
Everywhere else, we call for a massive Labour vote to kick out the Tories. Immediately the working class must prepare to deal with the right-wing Labour Party by organising a general strike to bring in a workers government based on local workers councils (soviets) who will hold the power and wield it.
The general strike by French workers has shown the way. British workers will join with French, German and workers from across Europe to bring down the EU and advance to the socialist united states of Europe. Join the WRP to build the revolutionary leadership that will lead this struggle!