In Brief

Labour ‘war-gaming’ for run on pound if Jeremy Corbyn becomes PM

Shadow chancellor says Labour is preparing to ‘hit the deck running’

The Labour party is prepared for a run on the pound if Jeremy Corbyn is elected prime minister, shadow chancellor John McDonnell said today.

Speaking during the party conference in Brighton, McDonnell said Labour were “scenario-planning” for a drop in the value of the currency in order to “hit the deck running” following a prospective electoral victory.

As part of their “war-game type scenario-planning”, Labour has discussed what would happen if Corbyn's election spooked currency markets, Sky News reports. The party is “hoping to use their annual gathering to present themselves as a Government-in-waiting”, the broadcaster adds.

McDonnell said Labour had to prepare for a “potential assault” by opponents in the City, media and parliament should Corbyn enter Downing Street, with the party putting together "detailed implementation manuals" and draft laws.

He told followers of Momentum, a hard-left activist group that he “doesn't think” there will be a slump in the currency, but “you never know, so we've got to scenario-plan for that”.

Later, Corbyn backed his shadow chancellor, telling BBC political editor Laura Kuenssberg that “John is making the point that you've got to look at all these things and all these scenarios.”

The Conservatives suggested that Corbyn's election would precipitate just such a crisis, as renationalisations led to “a collapse in business investment and a crash in the value of the pound”.

Recommended

Long Covid: the symptoms, the treatment and who is most at risk
A Covid patient is wheeled into hospital
Fact file

Long Covid: the symptoms, the treatment and who is most at risk

Fact check: does a pint a day really keep the doctor away?
binge drinking
In Depth

Fact check: does a pint a day really keep the doctor away?

Blair’s hair: Brad Pitt or Gandalf?
Tony Blair
In Brief

Blair’s hair: Brad Pitt or Gandalf?

‘Voters like a spot of island nation-state jingoism’
French fishing boats protest in St Helier harbour, Jersey
Instant Opinion

‘Voters like a spot of island nation-state jingoism’

Popular articles

London mayoral race 2021: who will win?
Night Tube Sadiq Khan
In Depth

London mayoral race 2021: who will win?

Laurence Fox to Count Binface: the most colourful London mayor candidates
Count Binface
Behind the scenes

Laurence Fox to Count Binface: the most colourful London mayor candidates

TV crime dramas to watch in 2021
Chris Rock stars in the fourth series of Fargo
In Review

TV crime dramas to watch in 2021