Editorial: The ‘national unity’ threat to Corbynism

Socialism Today September 2019 issue 231A rising sense of panic is gripping the strategists of British capitalism as the 31 October Brexit deadline draws ever closer. “Britain’s exit from the European Union without a withdrawal deal would be an unequivocal national calamity”, the Guardian newspaper editorialised (16 August). The usually more soberly-toned Financial Times has also used similar phrases.

Comparisons have been made with Winston Churchill’s decision in 1925 to return to the gold standard at pre-world war exchange rates, an effective 10% appreciation of sterling. This move was famously excoriated by John Maynard Keynes in his pamphlet, The Economic Consequences of Mr Churchill, as a self-inflicted wound on the UK economy – although, as with the no deal, ‘soft Brexit’ or no Brexit debate today, there were no policies within the framework of capitalism that could have resolved the fundamental contradictions of a crisis-inherent system. Meanwhile, a leaked paper from inside Angela Merkel’s German government, reporting that the EU’s preparations for a no deal are “largely complete” in so far as they can be, assesses that Brexit with no withdrawal treaty is now a “high probability”.

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