Undertones of McDonnell’s speech heard first in Croydon

If Inside Croydon‘s loyal reader thought that parts of the speech given at the Labour Party Conference today by John McDonnell, the new shadow chancellor, sounded familiar, then they really ought not be surprised.

John McDonnell with the Labour leader Jeremy Corbyn in Brighton today: much of their economic policy has been drafted in Croydon

John McDonnell with Labour leader Jeremy Corbyn today: much of their economic policy has been drafted in Croydon

Many of the thoughts behind the anti-austerity approach to tackling the economy have already been outlined on Inside Croydon.

That’s because we’ve been fortunate to have Andrew Fisher as a regular commentator for this site. And McDonnell has been a long-time admirer of the work of Fisher. They also worked together at the Left Economics Advisory Panel, which Fisher co-founded in 2006 and McDonnell chaired.

Croydon resident Fisher published a book last year, The Failed Experiment, which outlined how the consensus approach to western economies over the past four decades had failed billions of people, while helping make billions for a handful of people. We reviewed the book here.

And since Jeremy Corbyn was elected as leader of the Labour Party, trades union official Fisher has got a new job: as political adviser to Corbyn.

Andrew Fisher: now Corbyn's policy adviser

Andrew Fisher: now Corbyn’s policy adviser

In his speech today, McDonnell said, “George Osborne fought the last election on the myth that the slowest economic recovery from recession in a century has been some sort of economic success.

“In reality the Tories presided over the longest fall in workers’ pay since Queen Victoria sat on the throne.

“A recovery based upon rising house prices, growing consumer credit and inadequate reform of the financial sector. An imbalanced economy overwhelmingly reliant on insecure jobs in the service sector.”

In some respects, many might think that that’s a lot like Croydon in 2015.

About insidecroydon

News, views and analysis about the people of Croydon, their lives and political times in the diverse and most-populated borough in London. Based in Croydon and edited by Steven Downes. To contact us, please email inside.croydon@btinternet.com
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