The Labour Party wholeheartedly supports the war on Russia in Ukraine and sanctions against the import of cheap energy from Russia. UK support for sanctions is the main driver of domestic inflation in Britain as energy is an input into all products and services.
Labour is not committed to any significant revenue raising measures by the state nor to mobilising national resources to promote economic renewal.
Labour wholeheartedly supports the independence of the Bank of England.
The Bank of England wishes to reduce inflation by raising borrowing costs and reducing demand in the economy by causing a recession. Labour has no principled objection to this policy.
A recession involves workers and their families losing their homes and their jobs.
It follows that the Labour Party supports the policies that cause inflation (as well as endangering national security) and also supports a recession to reduce the inflation that the policies that it supports have caused.
Workers and trade unionists might ponder whether this is a party worth supporting, or whether they should support any party in their constituency that genuinely cares about their communities, their homes and their jobs.
Source Labour Affairs July 2023:
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