Dear Guardian Editor,
Your spreadsheet comparing where the Labour leadership contenders stand (14 August) confirms that all four have a lot to say about spending money, but little or nothing about making it. Jeremy Corbyn differs from the other three contenders in that he is avowedly “anti-austerity”, which anybody in their right mind would be, if only it were a genuine option. The other three contenders basically agree on the need for “fiscal responsibility”, but none of the four talk about the elephant in the room.
Britain still has a weak, vulnerable and unbalanced economy, propped up by policy interest rates of near zero and a substantially expanded monetary base courtesy of QA, not to mention a dependence on consumer spending, debt, and house prices. Furthermore, the economy is characterised by service-sector dependency, low pay, low skills and cities/regions that have…
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