American observers may know that Jeremy Corbyn wishes to fundamentally transform the British economy and reshape the special relationship between the U.S. and the UK. “Is it moral to confiscate people’s property and deny the elderly the right to control their own property?” asks Rev. Richard Turnbull, as he explores Corbyn’s economic proposals, from providing “free” services to the full nationalization of whole industries.
For instance, Corbyn’s economic plan would destroy £367 billion of stock wealth. Turnbull – the director of the Centre for Enterprise, Markets, and Ethics (CEME) in Oxford – unravels Corbyn’s view of the future in a new essay on the Acton Institute’s Religion & Liberty Transatlantic website titled, “The economic and moral impact of the Labour Party’s 2019 manifesto.”
After revealing the six key planks of Jeremy Corbyn’s campaign for prime minister, Turnbull writes:
The most pressing question facing voters about the 2019 UK general election is whether the electorate is equipped to see through the truly devastating effects of these proposals, least of all the 16 year olds who will get the vote under a Corbyn government. No one under the age of 50 remembers the previous attempts at state ownership, the extreme levels of taxation in the 1970s, or the time when trade unions had such a stranglehold on the economy that we worked – not a four-day week, but a state imposed three-day work week – because the state could not supply the electricity to run factories (or homes).
(Photo credit: Jeremy Corbyn. This photo has been cropped. CC BY 2.0.)