A little over a decade later, Mr Brown is long gone from politics. New Labour is history. Mr McDonnell is shadow chancellor and Jeremy Corbyn, his friend and socialist ally, is leader. If the party were to be elected, even as a minority government, it could fundamentally reshape the British economy, to a degree not seen since Margaret Thatcher in the s. Water and energy firms would be brought into public ownership.
The Bank of England would be given a new mandate. Private schools would be abolished. The prospect of a majority Labour government worries most economists. A credible commitment from the central bank to keep inflation under control, and from the government to respect private-property rights, are the building blocks of a sustainable economy.
Britain is almost uniquely vulnerable to a radical shift in policy. Foreigners own a quarter of the outstanding stock of British government bonds. A loss of faith would send the pound plunging, increase the cost of government borrowing and imperil financial stability. Yet some in the financial establishment have started to look more favourably on the prospect, for two reasons. The first is Brexit. That is not much less of an impact than leaving the EU with no deal at all.
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Labour, by contrast, promises to hold a second referendum on Brexit, with a freshly negotiated deal put against staying in the EU altogether. Second, the polls suggest that Labour has little chance of forming a majority government see chart 2. Most probably it would have to rely on the Scottish National Party SNP or the Liberal Democrats, which are likely to become the third- and fourth- biggest parties, respectively. In the company of more moderate parties, the argument goes that Labour would have little chance of getting its most radical plans through Parliament.
That parliamentary arithmetic, plus the checks and balances on any British government, would thus curb the instincts of a Corbyn government. At a recent briefing from a big investment firm in London, managers insisted that British assets were now cheap, on the grounds that too many investors did not realise just how constrained Mr Corbyn would be in practice. Those analysts are making a mistake.
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Without a majority, Labour would be constrained, but it would still be radical. Compared with most other countries, governments in Britain have unusual powers of discretion to get things done without passing laws. No matter the makeup of Parliament after a general election, an incoming Labour government could overhaul much of the system—and do so fairly quickly.
Some of this could be for political gain; an attempt to convince the British public that it meant business. One Labour policy wonk impishly suggests the incoming government could follow the example of the Bolsheviks in and immediately publish highly sensitive documents relating to previous governments—perhaps those related to the Iraq war or the Troubles in Northern Ireland.
It could also pursue more substantive policies.
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Take government spending. Mr McDonnell could boost spending on public services at a stroke. He could go some way towards creating a national investment bank by boosting funding to the British Business Bank, an existing programme which directs investment to small firms. He would need to seek parliamentary approval for such largesse at a later date. But MP s would have limited opportunities to amend these plans, short of defunding the entire government. It could also reduce the age at which people are eligible to receive the top rate, to The wording of the Bank of England Act , which enshrines the operational independence of the central bank, leaves plenty of room for change.
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The act also leaves the door open for more permanent changes. An incoming Labour government could probably move the Bank of England from London to Birmingham, as it has said it would like to. Its time in government would probably coincide with the opportunity to pick the next governor.
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Mark Carney, the incumbent, is leaving the post early next year. When it comes to the rest of the programme—including the sweeping nationalisations and the necessary tax increases—legislation would be required. Moderate Labour MP s and trade unions might try and block some of these plans. However, unions would hate to see the disappearance of well-paid manufacturing jobs in the arms industry; the party at large retains a militaristic streak.
Britain could be left looking like an NGO with nukes. Many worry that wealth and income inequality in Britain are too high, and are pleased that someone at last seems to have the courage to do something about it. Relying on the MP s of other parties is more likely to gum up the process. Recommendations on improving availability, quality and compatibility of migration data in Kazakhstan, Kyrgyzstan, the Russian Federation and Tajikistan. Not available in English. Published by the OSCE, the International Organization for Migration and the International Labour Office, the book aims to assist states in developing new policy approaches, solutions and practical measures for better management of labour migration.
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This Guide aims at presenting good practices and providing tools on how to shape gender-sensitive labour migration processes. Through this Guide, the aim is to encourage states, particularly those in the OSCE area, to include gender-sensitive measures in their labour migration policies.
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