The black hole was caused by bailing out the banks, which was necessary to keep the entire country from going bankrupt, and began in the US. Any party would've done the same, and that bailout was the only reason the deficit became so big (and it was a myth that it needed to be cut, a deficit is completely sustainable for a country like the UK). Labour didn't cause the recession or the black hole - people say they should've regulated the banks but anyone who thinks the Tories would've done that is crazy.bustedflush wrote:The money raised from Privatization has already gone into the big black hole of deficit (labour's) reduction. So he would have to print or borrow regardless. Economic suicide.
Healey tried taxing people to death in the 1970's and caused massive damage, again suicidal for a vibrant economy.
You can print money without inflation - the Bank of England gave £500bn of new money to the banks, and inflation is at 0%. It's actually what the Conservatives have done that's economic suicide - the government is the biggest spender in any economy, so cutting spending has massively slowed the recovery. We can also borrow at 0% right now so it's beyond stupid that we're letting people starve when the government could be spending money to make back even more. That's why Corbyn (and no other Labour candidate) wants to create and borrow money to put into projects like infrastructure that put people in work and could make a massive return, and he'd probably leave it to the public sector so that that money goes to real people and doesn't get siphoned off by the CEO of a private contractor.