'Corbynomics' slammed by UK economists in open letter

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'Corbynomics' slammed by UK economists in open letter

Post by Guest on Thu Sep 03, 2015 4:10 pm

Jeremy Corbyn’s economic ideas – dubbed Corbynomics – have come under fire by 55 economists from British universities.
In a letter published in the FT, 55 academics have slammed the Labour candidate's policies, saying they are "likely to be highly damaging".
Professor Tony Yates of Birmingham University and Professor Paul Levine of Surrey University led the charge after they feared a letter published in the Observer from more than 40 economists supporting Corbyn might convince people that Corbynomics is widely accepted by economists.

The 'statement of economic policy' swipes at three of Corbyn’s ideas:

  • Renationalising industries, which the signees believe will probably ‘make things worse’

  • ‘People’s QE’ – Corbyn’s idea that the Bank of England could print money to fund public infrastructure – was “highly damaging” and “unnecessary”, they said.

  • Tax evasion and avoidance – the signees believe that the Corbyn’s estimate that the UK is missing out on £120 billion in tax revenues is an overestimate.



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