As Theresa May had her turning point in 2017 when her campaign came off the rails over social care, so I witnessed yesterday the most comprehensive annihilation of a political leader ever when Jeremy Corbyn was interviewed by Andrew Neil. It has to be a major impact on his credibility amongst those watching directly or even just viewing clips or reading press reports. My mind had been changing over the last week or two on my tactical voting plans, and that interview was the final straw. I will be voting Lib Dem after all and nothing right now could convince me to add my X to a Corbynite Labour candidate regardless of the risks.
The headlines are mostly concerned with Corbyn’s inexplicable failure to apologise for past anti-semitism in the Labour Party. That simple act might have closed down that entire line of questioning but he chose not to.
However, his inability to grasp that bonds are debts subject to interest was appalling. Technically if I buy a house on a mortgage then I have a debt and an asset that hopefully becomes worth more than the debt. They cancel each other out. However, that relies on the house value not going down and me keeping up the repayments. Buying train operating companies and Royal Mail are major risks, not dead cert profit makers with a guaranteed future value. Most of the energy companies make only very small profits and some make losses – hence many many failures in that market.
And then let’s move to Labour’s tax-raising plans. As Neil proved, those plans don’t just involve the most wealthy, even if they stay and pay, but will put up taxes for those on low incomes too, those claiming the married person’s allowance, those reliant on dividend income. He will put up taxes on small companies and on online sales, mostly small businesses run from spare rooms. Anyone who might inherit their family home in London and the South East will be paying up to £60,000 more in inheritance tax. Labour is targetting everyone . The policies disincentivise small business, entrepreneurs, high earners, and homeowners.
Overall, when you add together the failure to properly tackle anti-semitism, ridiculous nationalisations, and the intention to attack small businesses, entrepreneurs and pensioners reliant on modest dividend incomes, it is clear that a vote for Labour is a vote for economic collapse far in excess of what the Tories can achieve with their Brexit plans. Corbyn will turn us towards the Venezuela economic model. In the meantime, Labour moderates are letting Corbyn get away with this, presumably hoping a drubbing in the election will bury him and Momentum forever. It’s a dangerous tactic.
I only hope Mr Neil does the same hatchet job on Johnson, although I am resigned now, I think, to leaving the EU being the only way of lancing the boil and making the case for rejoining quickly, maybe not completely but along Norway lines. Johnson has to fail spectacularly in his Brexit to close the argument down for all time. Nevertheless, the way the polls are working at present, as Labour drops, the Lib Dems rise so a steep Labour decline at this point will only help us. Maybe Jo Swinson won’t be PM but she has a much better chance after last night of perhaps making major advances in Parliamentary numbers. The Lib Dems might be able to stop Labour extremism if Labour end up as the largest party.