President of the ASI, Dr Madsen Pirie, argues that Jeremy Corbyn's growing popularity is nothing for Tories to celebrate in the City AM debate:
Dr Madsen Pirie is founder and president of the Adam Smith Institute, says No
Some Conservatives want Jeremy Corbyn to win because they think he will prompt lasting divisions within Labour, and make the party unelectable in a general election. They should not celebrate too soon. Even if this is true, there is a short-term price to be paid. If Corbyn became official Leader of the Opposition, it would legitimise economic and political fantasy. Every day the media would have to treat his proposals as serious politics. The discussions would centre on things we already know are unworkable. We have seen how nationalisation ruins industries by making them serve political, not economic, objectives. We have seen how high taxes squeeze out growth, and how they drive out our talent and deter outside talent from locating here. We have seen how unfunded largesse targeted at selected groups creates a black hole of debt. A Corbyn-led Labour would make this a legitimate matter of public debate. It should not be, because it remains the same nonsense it was before.