All politicians bluster. It’s what they are good at. But I
really have difficulty in coming to terms with either the naivety or sheer lack
of historical knowledge the average younger supporter of current Labour
demonstrates. Especially when comparisons currently made with Greece are
vociferously defended on the basis of Greece not having its own currency and
central bank, one of the planks (yes, joining the existing 650 in Westminster) for
us remaining outside the Euro.
Older supporters need to remember and younger supporters really
need to look back at the 70’s and educate/re-educate themselves. And they need
to do it now. In 1976, Great Britain was the equivalent of Greece!
Ted Heath’s defeat in 1974 resulted in a Labour government with
a very narrow majority. This majority completely disappeared thanks to disastrous
Labour policies not dissimilar to those proposed by Jeremy Corbyn and his loosely-screwed
shadow IKEA cabinet. Yes, Harold Wilson and the cuddly superb photographer and
altogether good egg Denis Healey had just been lumbered with the oil crisis that
thanks to OPEC followed hot on the heels of quite an economically enthusiastic 1973.
And unlike the current harridans of Same Old Labour who blame the Tories for everything
and anything detrimental that happens, the OPEC-caused crisis was, in fairness,
completely outside Labour’s control.
BUT. While the big oil consumers introduced what in modern
terms is called “austerity” to cope with this sudden oil price rise, Dennis
Healey decided to spend his way through it (we’ve recently been back to the future
on that one with Labour Manifesto 2017). First Labour year at the helm back then saw
spending increase by just over 30%. The following year a further 28% increase.
Budget surpluses of the previous decade and a half quickly turned into a 6.5%
deficit, with public spending over 45% of GDP. As the USA held back the effect
of (oil-induced) inflation to 11% and Germany held it to 7%, we dashed off to
hit almost 27% inflation by September 1975. Newspapers of note around the world
were starting to write their UK obituaries.
We were bailed out by the IMF.
So when Mr Corbyn stands up to politicise the next major
music festival, you might be wise, or in fact very wise to note the above
before shouting the usual tawdry “nasty party” nonsense. And the ‘Youff’ might
be better placed to ask exactly where the money for all his vacuous promises is
to actually come from.
But more importantly, the Youff need to read their economic
history books about the events of 1974/5 as well as consulting (“compare and
contrast” is, I believe, the educational parlance) their history books in
relation to Militant and the current anti-social infestation that is Momentum.
And someone please tell Mr Corbyn that Trident is not just
chewing gum.
