Big hikes in corporation tax. A sweeping programme of nationalisation. Large increases in the minimum wages, a 20-1 cap on executive pay, and, just in case it gets lost in that blizzard of promises, hefty tax increases on anyone earning more than £80,000 a year. Even in a normal year, the leaked Labour party manifesto has more than enough in it to make anyone in business or industry feel just slightly nervous.
But hold on. This is hardly a normal time for the British economy. We know Jeremy Corbyn and John McDonnell would like to pretend it simply wasn’t happening, but 2017-22 will also see the most crucial, and in many ways scary, challenge the UK has faced since the first full bracing blast of Thatcherism in the early 1980s. We will be leaving the European Union, our main trading partner. And we will need to work out a slightly different economic model.
So try this thought experiment.
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