While they have never been bedfellows, the IMF’s recent report supporting higher taxes for the rich will feel like an endorsement for John McDonnell

To put it mildly, the Labour party’s relationship with the International Monetary Fund has not always been a happy one. Memories of 1976, when an IMF team forced Jim Callaghan’s government to cut public spending in return for an emergency loan, are powerful to this day.

So when John McDonnell was drawing up the tax plans included in Labour’s general election manifesto, the IMF would have been a long way down the list of organisations from which he might have expected an endorsement.

Continue reading…

Facebook Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.