Economic policy Jeremy Corbyn Labour Party leadership campaign, 2015

1 economic policy

1.1 investment
1.2 nationalisation
1.3 taxation

economic policy

corbyn s proposed economic policies, referred corbynomics in media, reported heavy influenced blog created political economist richard murphy. corbyn s economic platform has been endorsed number of prominent economists, including david blanchflower, former member of bank of england s monetary policy committee, , steve keen. among 41 academics signed letter guardian argued: accusation made jeremy corbyn , supporters have moved extreme left on economic policy. not supported candidate s statements or policies. opposition austerity mainstream economics, backed conservative international monetary fund . nobel-prize-winning economist joseph stiglitz said unsurprised @ support anti-austerity campaigners corbyn following disappointment of policies pursued new labour. robert skidelsky offered qualified endorsement of corbyn s proposals carry out qe through national investment bank.

corbyn s economic proposals have received criticism, namely economist john van reenen @ london school of economics, bbc economics editor robert peston economist, financial times daily telegraph, free-market centre policy studies, shadow chancellor chris leslie, former foreign secretary david miliband, shadow business secretary chuka umunna , 3 other leadership candidates.

investment

corbyn proposed have bank of england create money invest in housing , public transport, described corbyn people s quantitative easing . aim turn uk high-skill, high-tech economy , build more council houses in order lower long-term housing benefit costs. achieve this, bank purchase bonds state-owned national investment bank .

opponents have claimed increase risk of investing in uk, meaning government have pay higher interest rates on debt. clash article 123 of eu s lisbon treaty, prevents central banks printing money finance government spending, , cause legal battle european court of justice.

nationalisation

in interview independent on sunday on 9 august 2015, corbyn said: think should talk objectives of party are, whether s restoring clause 4 written or s different one. shouldn t shy away public participation, public investment in industry , public control of railways. independent has cited opinion polls suggest many of corbyn s policies, such renationalisation of railways , energy companies, have polled popularly general public.

corbyn claims renationalisation save money both joining fragmented market, thereby reducing duplication in privatised rail market (estimated ian taylor costing £1.2 billion in 2012 report) , keeping profit energy , train operating companies. both energy , train operating companies claim make low return on money (3.9% energy companies , 3.4% train companies) , city analysis cited guardian , financial times newspapers, of nationalisation policies advocated corbyn, indicates figure of @ least £124 billion needed purchase controlling shares in big 6 national energy providers plus national grid

taxation

in june 2015, corbyn set out plan tax justice , included more progressive tax system, raising top rate of income tax, finding £120 billion claims lost through tax avoidance , evasion, investing £1 billion in hmrc, , reducing £93 billion companies receive in tax relief according kevin farnsworth, senior lecturer york university, amount including railway , energy subsidies, regional development grants, relief on investment , government procurement private sector.

jolyon maugham qc, had advised ed miliband on tax policy, criticised plans , claimed have found £100 billion black hole .