FRIDAY’S Daily Telegraph was full of praise for Labour Chancellor John Healey’s remarks on the British banks, describing the current banking bankrupts as part of the ‘Jewel in the British economic crown’.
The Telegraph fears that this same Labour Chancellor is going to use his budget ‘to launch yet another tax raid on one of Britain’s most productive sectors.’
The Telegraph is against any such tax raid declaring that a ‘tax rise would be hugely damaging not just to the banks, but to the millions of people who hold their shares in pension funds’.
It added: ‘Mr Healey may need to find up to £35billion to meet existing spending commitments and boost defence, according to the Institute for Fiscal Studies.
‘’He must know that raising taxes to do so would have dire consequences for economic growth, which seems to be limping along only thanks to strong investment in artificial intelligence.’
The Telegraph concluded: ‘Too often, Labour politicians view the most successful parts of the economy as morally suspect. Mr Healey claims to understand that they are in fact national assets. The budget is his chance to prove it.’
The Daily Telegraph stands in complete solidarity with the Labour leadership, and is encouraging it to betray the interests of the working class, by dumping the entire crisis onto the backs of the workers and not to put any of the problems on the backs of the banking industry.
This developing crisis is, in fact, part of the death agony of the worldwide capitalist system, with the Labourites determined to dump the entire crisis on the backs of the working class, forcing it to accept extreme poverty, with no future for the country’s youth.
The economic crisis is not just a British one. In France the economy is in dire straits.
The French government is facing a major revolt by French workers as it declares it has no funds for the poor rundown schools and no resources to tackle the sharp rise in the cost of living.
Half a million marched through France last week, schools were barricaded shut and the trade unions came out to support the youth.
Today over a million is expected on the streets of France as workers and youth march against the Macron government with calls to bring it down.
The same crisis has hit all the European countries with governments facing growing uprisings over the cost of living, intensified by the huge cost of oil as a result of Trump’s war on Iran.
Millions of youth today are now beginning to understand the kind of desperate future that is being created for them by the developing crisis of the capitalist system.
There are a million youth unemployed now in the UK. Youth unemployment is a major issue for a whole generation throughout the world as the bankruptcy of world capitalism is making itself felt.
There is only one way forward. That is to build up the WRP and the Young Socialists into mass organisations to lead the working class to take the power and bring down bankrupt capitalism.
Capitalism is now in a desperate crisis with the prospect that it will seek to organise a number of imperialist wars in order to continue its rule at the expense of millions of corpses.
Workers all over the world are in struggle against the capitalist system and its super-exploitation of the working class.
In the period ahead, millions of workers and youth will join the struggle to carry out the victory of the world socialist revolution.
Capitalism is today totally bankrupted, and rotten. It cannot offer youth and workers any future, only massive attacks on living standards as the bosses fight to survive and ensure that their profits do not suffer.
Now is the time to build sections of the International Committee of the Fourth International in every country to lead this struggle world-wide.
There is not a moment to lose.
Forward to the victory of the World Socialist Revolution!