As of now, the majority of the opinion polls regarding the Labour leadership elections have Jeremy Corbyn on top by a substantial margin. Although he is definitely not so popular with former Labour leaders such as Tony Blair and Gordon Brown, he looks to have swayed the Labour masses into voting for him as their next leader. However, in my opinion, they are not taking into account the substantial damage that Corbyn looks set to do to the economy, if elected as Prime Minister in 2020 (already an incredibly fanciful scenario, must I add). I, more than anyone, realise the drawbacks that David Cameron and the Conservative party may have, however, it is unequivocal that they are helping the economy, and if elected, Jeremy Corbyn will undo all of that economic good which has been so painfully strived for by the opposing centre-right party. The first way in which he will do this is to raise taxes for the rich.
Corbyn wants to pay for his proposed expansion in public spending by taxing the rich 1% more. However, it is well documented that these approaches do not work. Take France, for example. The tax rate for the rich was increased to 75%, and it is no shocker that this was not taken well by the rich. High profile, wealthy individuals such as Gerard Dépardieu (with a net worth of an estimated $120 million) left the country to places such as Russia, which had much lower tax rates. Corbyn needs to remember that the rich have free choice in going anywhere they want to, and, if you want them to stay, you must incentivise them to do so in some way. Raising the tax on the rich will simply mean that they will leave the country, and this proposed expansion in public spending will have to be paid for by more and more Labour-esque borrowing. The idea perpetuated by Corbyn that the rich, for some reason, are gladly going to give over their hard-earned money to the state, especially when there are more alternatives than ever before, is frankly ludicrous, and will only increase borrowing when the rich do leave, as it is dubious whether Corbyn will cut down on public spending, even in this scenario.
A complete abolition of tuition fees is also propagated by Corbyn; this seems to ring a bell. Both Ed Miliband and Gordon Brown had proposed this, however it is obvious, looking at history, that they will not be able to do this. This deception of the young masses will only backfire, as, contrary to their beliefs, young people are smarter than they think, and, while this simple strategy may garner some votes in the short term, it will be an eventual component of their demise in the long term. It is an inevitable and regrettable reality of our time, that we will need to pay tuition fees as they do form a large component of government spending, and, as of now, there are not many alternative routes for the government to go to raise capital. Corbyn has to realise that deceiving the public about this is simply the wrong way to go, and that being straight and honest regarding these will help him more in the long term than these Machiavellian lies.
As we are most likely going to be in an economic surplus in 2020, Corbyn feels that this is reason enough to spend more and borrow more. As the saying goes, he wants to go one step forward and two steps back. Causing the country to lurch back into another economic deficit which the Conservatives will have to fix again, will mean that, again, there will be more cuts imposed by the next centre-right government, which will just damage the livelihoods of the people of the UK more. An economic surplus does not mean that we can spend more and borrow more yet again. It simply shows that the country is doing well economically, and that this has to continue in the long term. The country is not a toy to be played with by Corbyn, and he has to realise that what he is proposing has, or will have, real world implications to real people further down the line. This means that we will have another economic crisis on our hands, simply because of the economic mismanagement carried out by Corbyn and his cronies.
The increase in corporation tax also fuelled by Corbyn will also be bad for the UK economy, as these corporations will simply relocated if they feel that they are being taxed excessively. A plethora of jobs will be lost because of this, so then Corbyn has even less funds to work with, meaning that the backbone of society will lose their jobs and be broken yet again. It is a fact that unemployment has never decreased under Labour, and a Corbyn led government will only make sure that the unemployment will increase substantially with the loss of several large scale corporations, some perhaps even being in the FTSE 100 or 250. Although, on paper, everything looks rosy with Corbyn, when we analyse human behaviour and propensity to save their money, we can definitely see that corporations will leave the country if their tax rates are too high, which will lead to a chain reaction, which will see the many oppressed yet again.
I must stress that the opinions presented in this article are not meant to be taken as fact, and that they are just that, opinions. I do not guarantee that these things will happen if Corbyn is elected, but I do feel that these are the most likely scenarios to happen.