Jeremy Corbyn says John McDonnell is right to prepare for a possible ‘run on the pound’ if Labour gets elected
Shadow Chancellor revealed ‘war game-type scenario-planning’ was being done if their administration faces ‘potential assault’
JEREMY Corbyn was ridiculed today after admitting a leftie Labour Government could trigger a crushing run on the Pound.
The Labour leader said it was “right” to plot for all eventualities after revelations that “war game-type scenario-planning” was being done.
Shadow Chancellor John McDonnell on Monday night told campaigners the party had to ready if “they come for us”.
At a fringe event, he said the party had enlisted self-styled “cybernetic communist” Richard Barbrook to help work up possible responses.
Challenged today Mr Corbyn insisted it was “right to look at all these scenarios”.
The Labour leader told the BBC: “John is making the point that you've got to look at all these things and all these scenarios.
“John is right to look at all these scenarios because if we're going to move into government we need to know what we're going to do - but also look at all the scenarios we might face.”
He added: “What he is doing is saying we look at all scenarios that may affect a Labour government.
"It is worth seeing these things through. Surely that's what an opposition serious about getting into government wants to do?"
In response to Mr McDonnell’s comments the Chancellor Philip Hammond said: “After giving his conference speech, the Shadow Chancellor privately conceded the disastrous effects that Labour’s plans would have on Britain’s economy – a collapse in business investment and a crash in the value of the pound, causing a shock wave of inflation.
“Labour’s plans would go too far, and ordinary working people will end up footing the bill.”
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Mr McDonnell said yesterday at a Momentum event on the fringes of the Labour conference in Brighton a team was being headed up by Richard Barbrook, founder of the group Class Wargames.
He said the party was putting together “detailed implementation manuals”, adding: “It tries to answer the question about what happens when or if they come for us.
“What if there is a run on the pound? What happens if there is this concept of capital flight?
“I don’t think there will be but you never know so we’ve got to scenario-plan for that.”
Speaking at another fringe event tonight, the shadow chancellor claimed Labour would need a DECADE in power to change the country irreversibly.
He said: "It's going to take two periods of office at least to lay the grounds for the kind of society we want."
Elsewhere at conference Mr Corbyn also refused to rule out unilateral disarmament of the UK’s nuclear weapons
Asked if he would be in favour of cancelling the Trident programme, the Labour leader would only say it was not in the previous Labour manifesto and that the next election document had not yet been written.
In an interview with CNN he was asked would he unilaterally disarm, where just the UK would ditch our nuclear deterrent, he replied: “That is not what's in our manifesto. Our manifesto said work for a nuclear-free world.”
Pushed if it was something he might pursue if he became Prime Minister, he said: “Well, we haven't written the manifesto for the next election yet.
“But that was what was in the manifesto in which we just gained nearly 13 million votes.
“But we're very clear, very, very clear, that nuclear weapons really must be negotiated away as quickly as possible.”
And he refused to say if he led the country if he would defend a NATO ally under attack from Russia.
Mr Corbyn said: “The NATO charter asks for acts of solidarity and support. It is not necessarily military, it can be diplomatic, it can be economic.
“It can be a lot of things. What I want is dialogue between NATO and Russia.”
in response the Defence Secretary Michael Fallon said his comments risk our security and that of our allies.
He said: “For nearly seventy years NATO has helped keep this country and our Allies safe through collective defence. NATO’s charter is very clear, an attack against one Ally is considered an attack against all Allies.
“Jeremy Corbyn’s comments put our security and the security of our Eastern European Allies at risk at a time of growing Russian aggression and international threats.
“The Labour party must be crystal clear about whether it supports collective defence or will give succour to those who attack our democratic peace and security.”