Thursday, 27 Feb 2020

Jeremy Corbyn warning: How Labour policy could ‘lead to housing shortage’

This week, Jeremy Corbyn urged MPs opposed to no deal to back his plan to lead a caretaker Government and “seize the opportunity before it’s too late”. His proposal has so far received mixed responses. According to The Guardian, a number of MPs will want to wait to see how events unfold when Parliament resumes from recess in September before making a decision.

The majority of Conservatives – even those opposed to a no deal Brexit – do not want to see Mr Corbyn in Downing Street.

Only one Tory MP, Guto Bebb, claimed he would consider the plan, as he believes a short-term Corbyn government would be less damaging than “the generational damage that would be caused by a no deal Brexit”.

The Scottish National Party, Plaid Cymru and the Green Party’s Caroline Lucas have already signalled they would support the left winger’s proposal.

The prospect of a Corbyn-led Government is therefore striking fear into the hearts of those who believe his policies would result in steep tax rises and economic stagnation.

In a leading article on The Times published yesterday, it is argued there could be a shortage of housing if Mr Corbyn gets into power.

The report reads: “The market economy needs regulation and a welfare state to guarantee the rights of consumers and provide a safety net for families, but controls always have costs.

“For example, Mr Corbyn plans rent controls on housing, apparently oblivious to the fact that this would cause landlords to withdraw their property from the market and thereby aggravate a shortage of housing.”

The piece concluded: “Labour hopes to capitalise on the government’s disarray.

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“Its populist economic programme may well prove alluring to many, especially the young, who feel that they do not have a stake in the economy and are unaware of contemporary history.

“The country would be much the poorer if it were ever implemented.

“In these tumultuous times, avoiding a Corbyn government remains a national priority and Tory opponents of Brexit need to heed it.”

It is not the first time such warnings have been put forward.

Bobby Vedral, a London-based partner at the US investment bank told the Wall Street Journal in 2017 that a Corbyn-led government would be disastrous for Britain and London’s finance industry in particular, as the Labour Leader has pledged to raise taxes on the wealthy, pushing bankers to relocate to the continent.

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Mr Vedral said: “If we have Corbyn, we have Cuba without the sun.”

The Leader of the Opposition has often made clear of his disdain for the well-off in society and, according to a recent report by The Economist, Mr Vedral’s prediction is already becoming true.

The publication claimed last May that well-heeled types, such as investors and bankers, are buying property on Guernsey with a view to moving to the island, attracted by its flat 20 percent income-tax rate and lack of capital-gains or inheritance taxes.

Demand for homes there is buoyant, and Jo Stoddart of Locate Guernsey, an investment-promotion agency, told The Economist fear over Mr Corbyn is one of the main reasons.

The super-rich are also reportedly seeking advisers’ counsel, and increasingly taking action, to see their incomes, homes and pensions out of Labour’s clutches.

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