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John McDonnell: The people’s chancellor
The bankruptcy of neoliberal economic policy is clear and this, writes JOHN GREEN, is a rare opportunity for John McDonnell and the Labour Party to take the initiative

THE economy has always been Labour’s Achilles heel in terms of it being able to win elections. This perceived shortcoming is, it has to be said, not all of its own doing. The Tory mantra that Labour cannot be trusted to run the economy has had a dripping-water effect on public perceptions.

The Labour Party has allowed the Conservatives to determine the debate and set the economic agenda for far too long. It has allowed them to blame Labour for the global crisis and portray the financial collapse of the banks as a public spending crisis.

However, the clear bankruptcy of the neoliberal economic model has presented the Labour Party with the rare opportunity of retaking the initiative. The Tories have also demonstrated their bankruptcy in the realm of ideas and like lunatics continue to implement the same policies in the hope that the outcome will somehow change.

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