Jeremy Corbyn and Tory minister debate economic policy | LBCApr 30, 2023
what labor party would have to do when it loses the election rather than if uh yes is to look at how they run the economies because the his
toryof labor parties come to power they uh they they they survive on the coattails of the previous Conservative government for one or two years, I think it's not very good and then their spending gets out of control, the economy stagnates, they lose the elections, which has happened in the last few years and there are going to be very few people. who can look you in the face at the bogna gate and say i'm better than 2010. we've been through some major crises there's no doubt kovid was a once in a century crisis that hit this country of the world we borrowed 450 undercover it's the new winter of discontent well we bought £450bn and we were able to borrow it because of the management of the economy leading up to that point after the banking crisis and the capital markets were confident enough to lend us £450k million pounds and you know they're going to get it back and so they weren't looking for the trust budget in September, they were fine.
I am not saying that it was a great moment, but what I am saying is that Rishi sunak. is there Jeremy Hunt is there they are stabilizing the economy we had the fastest growth in the G7 in 2021 I don't know in 2022 we have the lowest now no but we will recover but all the Hallmarks all all the fundamentals are there in place how low unemployment we have inflation going down we have a competent government inflation went up last month yes but it is predicted by the obr at 2.9 in the fourth quarter of this year do you seriously believe that this is going to happen.
I do, as long as of course we don't give in to pay deals where people are demanding 35 raises, of course that would set off inflation, but but the point about discussing the labor side, I just think that if the labor party loses the election, they have to see how they run the economies because their s
torythroughout the history of the labor party is the damage they do to the british people under black rule, the economy was well run, i I mean the financial crash came I mean we can argue about the kinds of things we could have done differently but overall it was handled well the financial crash came Gordon Brown was seen by everyone outside of this country as almost the savior of the economy It doesn't really fit in there was the banking collapse of course but also the way they had spent during that period man when we took office in 2010 we were running a budget deficit an annual budget deficit of £150bn is a lot more than we've been through the covid crisis and we're trying to deal with it but that was 11 of GDP we were spending every year we had to cut it down and that's why we were able to borrow during the kobe crisis uh let's repeat the question if the starma project fails and he doesnt win the journal election whats next for the job
corbynlong before he says that just nick i wonder what planet are you on right now dude i really have inflation well over 12 percent food inflation a lot more food banks in this country branches it's a really cool pen a union gave me um and um are you suggesting that somewhere the economy is doing well well if you ask someone who is worse off than 10 years ago ask someone someone like a teacher or a railway worker a worker what has happened to their wages they will not be very happy and you cannot say that wages have caused this inflation because peso wages have actually fallen in the last 10 years table with everyone the unions involved in the current disputes and paid them properly, more money would actually be spent in the economy which would help investment anyway and there would be a lot less poverty around and a lot less people claiming Universal Credit or top-ups to get by now for the labor party I think the important thing is to offer a real alternative and I saw an analysis in the Eye newspaper last week which said that one of the problems was that many in the public did not fully understand what the
economicstrategy of the workers is due to that they are too busy presenting themselves as very good at running the economy.
Surely we have to see the structural problems. The structural problems are historical. Lack of investment. The structural problems are historical. Lack of training. Historical underpayment issues. of teachers and medical workers, many of whom are able to emigrate or leave and do something else even though they have been trained for that case, I filed that case in 2019. We, of course, lost the election, I understand perfectly, but there are many reasons, one of which was, um, Brexit-related issues. I'm sure you'll understand, but individually, oddly enough, the policies, particularly the public ownership of water and male rail power, are actually all publicly supported and still are.
I think that what we need is a much clearer alternative in the elections is also due to the fact that there is only one ucap poll at the weekend that showed undecided voters who, as you well know, decide the elections, generally prefer Rishi sunak to kierstama now what do you put? until, um, I think he presents himself as new of course, which is what he is, but he's also probably trying to present himself as um financially and politically competent, I don't think he is, but it's an image that's been very carefully built over the last few months but we are very early on his Premiership was it financially or politically no i didnt say i said sunac presentation what is that he was financially competent thats what i said i heard you say you didnt think that histama was financial or political competition which is not right I'm glad I gave you the chance because you let me down Sorry sorry for letting you down my bottom line is there has to be a real alternative is offered and if no alternative is offered real people go a lot to the status quo is what they know a lot of her fans and friends are really mad at Kirst Armor for effectively ditching all the promises she made when he succeeded you because he is, I mean, her Manifesto at that moment and there were 10 commits and they were all that I think you probably could have bought they were amazing and they're all gone all those 10 commits were um and I was pretty relieved actually okay my work hasn't been in vain having well got those two manifestos if we shy away from what I think were fundamental and reasonable policies to offer the British people when I was interviewed during the 2019 election by a Swedish journalist. he he walks into my office he jumps up and says okay Mr.
Corbin tell me all about your Extreme Manifesto so I gave him a two or three minute overview of what was in the policies and he said if I said okay it's pretty well for this country he said we did all that years ago we have and have a stable economy High standard of living Good quality social services Good quality education and a Public Health Service Why don't you do the same when he was elected leader? kirst armor on LBC described you as a friend um a few weeks ago on LBC he says you were never a friend when you hear him say things like that it makes me really sad um i don't know why that's why he says i mean i worked with starmer , he was in the hidden cabinet, I went to Brussels with him, yes, I worked and worked with a lot of people, you consider him a friend, you consider him a colleague, I never consider him a friend. i didn't spend time hanging out with him all that kind of friend is someone got a meal with a chat what would the house be called i'll sing now um so why did he suddenly announce to the world that he was a friend and then a short-term nature announced that was not a friend, well this is something from elementary school
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