Labour election victory could spark ‘a run on the pound’

Labour election victory could spark ‘a run on the pound’, warns Corbyn ally amid fears over international investors

  • Jon Lansman, founder of the Momentum , said Labour’s policies are very radical
  • Tory MP Andrew Bridgen said Lansman had revealed truth about Labour’s plans
  • Mr Lansman’s comments suggest Labour’s high command is continuing to prepare for economic meltdown if Mr Corbyn ever wins power

A Labour election victory could spark ‘a run on the pound’, one of Jeremy Corbyn’s key allies warned last night.

Jon Lansman, founder of the pro-Corbyn Momentum group, said Labour’s policies were so radical there was a real risk that international investors would take fright.

‘We want to make a significant transformation,’ said Mr Lansman, who sits on Labour’s ruling National Executive committee.

Jon Lansman, founder of the pro-Corbyn Momentum group, said Labour’s policies were so radical there was a real risk that international investors would take fright

‘We want decisions which affect jobs and livelihoods democratised. The global corporations will resist.

‘Other governments have faced challenges like runs on the pound. And we may face similar things. I hope we don’t. The people who are opposed to what we want to do have one thing in their favour – money.

‘We have people. We need the power of people to overcome the power of money.’


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Tory MP Andrew Bridgen last night said Mr Lansman had revealed the truth about Labour’s economic plans.

‘It won’t be a run on the pound if Labour were to win, it will be a sprint as investors try to sell their UK assets,’ Mr Bridgen said.

‘Corbyn and co are not offering a French-style socialism-lite where they soak the rich and trash the economy for a few years.

Tory MP Andrew Bridgen last night said Mr Lansman had revealed the truth about Labour’s economic plans

‘With Corbyn it would be the full Venezuela, with the economy reduced to rubble. Their self-declared mission is to overthrown capitalism. This is what it means.’

Mr Lansman’s comments came in a BBC Radio Four documentary, The Long March of Corbyn’s Labour, which will be broadcast on Monday evening.

They echo remarks made by Shadow Chancellor John McDonnell at last year’s Labour conference. He told a meeting of activists that Labour was war-gaming the impact of a run on the pound and collapse in investment if it won power.

Mr McDonnell later tried to downplay his remarks.

But Mr Lansman’s comments suggest Labour’s high command is continuing to prepare for economic meltdown if Mr Corbyn ever wins power.

In a separate intervention, Labour’s election co-ordinator Andrew Gwynne told the documentary that the party remained unprepared for government. Mr Gwynne, who is also the party’s shadow communities secretary, said he had ‘sleepless nights’ about the ability of local councils to deliver some of ‘the big ticket’ items in Labour’s manifesto.

These include the pledge to deliver a million more homes over ten years.

He added: ‘Some things are going to take time and we need to communicate that now in opposition.

‘If we come to power on the back of massive optimism, a new way of doing things, and we fall at the first hurdle then it will be very difficult to recover. We need a clear plan.’

 

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