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The News Line: Editorial MAY GOVERNMENT ‘HANGING BY A THREAD’ – CME RINGS THE ALARM BELLS FOR WORLD CAPITALISM! THE WORLD’S capitalists are ringing the alarm bells at the prospect that the May government will fall.

The US CME Group that owns and operates large derivatives and futures exchanges in Chicago, and New York City is up in arms, declaring that the May government is ‘hanging by a thread’ and may be replaced by a Corbyn-led Labour government whose socialist policies could ‘wreak havoc on the economy’ that the capitalist crisis has already devastated.

‘Corbyn advocates increasing income taxes and authorising the Bank of England to directly finance infrastructure spending rather than buying bonds during quantitative easing and vastly expanding public spending. . . This is the nightmare scenario for the pound,’ says CME.

It claims that around 150 firms will meet Labour frontbenchers this week to air their concerns at where Corbyn is taking the party. In fact the May government has never recovered from the Brexit referendum. The revolutionary referendum result, allied to a massive growth in recruitment to the Labour Party of masses of anti-austerity workers and youth, has led to a major political crisis for UK imperialism.

The Tory party is now split and divided with sexual abuse allegations the weapon of choice and with ex-police officers intervening to seek to get Tory ministers such as Damian Green sacked. The state is alarmed at the crisis-ridden situation of the UK and is openly intervening in politics.
The disorientated Tory Party not only lost the referendum, it then called an election, that resulted in it losing its majority and having to pay the DUP £1.2 billion to vote along with it.

A very much weakened UK imperialism cannot however even hold its own in the Brexit negotiations, and has made compromises to pay the EU up to £100bn to leave, and allowing the EU Court of Justice to have authority in the UK during the Brexit ‘transitional period’, a compromise that has further split the Tory Party whose pro-Brexit wing are now going for May.

This war has reached the point where May’s deputy Damian Green could be sacked, and where the Brexit Secretary Davis says that if this happens he will resign, an action that will bring down the government.

Meanwhile, the DUP is threatening to bring down the government if it agrees to allow Northern Ireland to remain in the EU Customs Union and the Single Market as the price for continuing with an open border in the north.

It’s crystal clear that the Tory government is coming down. It is this prospect that has seen Roy Hattersley, a one-time Labour Deputy Leader, surface to say that the masses of workers and youth that have joined the Labour Party are the enemy and that Labour must get rid of them.

Hattersley is joining hands with the anti-Brexit Tories and the mass of anti-Brexit Labour MPs to demand a super purge of the Labour Party to get rid of all of its new members. In actuality he is calling for a purge of Corbyn supporters and working for a Labour Party split, to form a national unity alliance and government with anti-Brexit Tories and Labour to keep the UK in the EU.

Hattersley says that ‘Momentum’ is a bigger danger to Labour than the Militant Group that tried to turn the Labour Party into a socialist party in the 1970s and 80s. The Militant Group opposed the policies of the Labour leadership especially those of Leader Neil Kinnock. The current Momentum group is a mass movement inside the Labour Party that supports its elected leader Jeremy Corbyn, and fights for a Labour government that will reform capitalism and bring in socialism.

Hattersley and those who support him are calling for a split in the Labour Party and the emergence of a new SDP to overthrow the elected leader, and prevent the election of a Labour government. Hattersley and Co are working for the bosses and bankers!

Workers inside the trade unions must now take action and organise a general strike to bring down this pathetic May government and replace it with a workers government that will immediately break with the EU, and carry out a socialist programme in the UK. In fact, a workers government that breaks with the EU will encourage the EU’s workers to wind up the reactionary EU and go forward to a Socialist United States of Europe.


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