Faced with the Tories’ no-deal extremism and a glaring crisis in capitalism, the financial establishment is losing its fear of a radical Labour government
Beneath all the noise of Brexit, an unexpected question is being quietly asked in British politics as an election nears. Is a Jeremy Corbyn government actually the safe option? If you’ve been persuaded by the years of warnings from most of the media and countless politicians that such a government would be extreme, chaotic, authoritarian and doomed to failure, you may find this question ridiculous. If you’re still a Corbynista, then the notion of him as a stabilising premier for today’s turbulent Britain may be equally absurd. For many believers, the whole point of Corbynism has been the possibility that it might lead to “the most radical government in British history”, as the leftwing theorist and activist Jeremy Gilbert yearningly put it in 2017.
Yet people in unexpected places are starting to consider a Corbyn government less risky than the alternatives. Earlier this month, Oliver Harvey, an analyst for Deutsche Bank in the City of London, told the Telegraph: “We see the magnitude of economic damage caused by a no-deal Brexit as much higher than [that caused by] policies proposed in the last Labour manifesto.” In the same article, Christian Schulz, an analyst for Citibank, noted approvingly that “Labour has become more decisively pro-EU”, while “a fiscally profligate no-deal Conservative government” had become less “enticing”.
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