@Straponsally, my economic knowledge is limited but papers have reported a fair few leading economists have said they think some of Corbyn's suggestions for the economy are good solid ideas, particularly the creation of a National Investment bank to boost investment across all areas of the UK and for small businesses.
Someone I know who is doing a PHD in economics shared at the height of the global economic crisis most of the wealthy countries in Europe to get their economics back on track employed exactly what Corbyn is proposing now - essential investment in infrastructure, higher public spending, sound investment in health care and education. They are are majorly out performing us in terms of shrinking their deficit.
Despite Osborne implementing austerity we are being out performed by the peseta other economies who did not take the austerity route. As a nation we are being conned into thinking the budget of a country needs to be run like a household- just tighten up in tough times.
Wages for low to middle income have stagnated which means foreign investment is not as high as it could be even with our extremely low corporate tax. Multi national corporations want to know a country has a healthy, educated population with disposable income. All I can observe is that our economy under Osborne and now Hammond has not grown as much as other European countries and the national debt has doubled since Labour lost in 2010. Only the highest earners have enjoyed an improved standard of living and even higher wages.
The person I know gave these figures on expenditure with comparable economies who are outperforming us despite higher expenditure.
Austerity hasn't worked. I am ready to see Corbyn's fiscal policies successfully adopted in other European countries being tried here in the UK.
CURRENT EXPENDITURE ACROSS COMPARABLE ECONOMIES
Health spend
Germany 11% (8.3% public)
Sweden 11.9%
UK 8.5%(7% public)
Social spend
Germany 25.8%
Sweden 28.1%
UK 21.7%
Unemployment Benefit
Germany 60-67% of claimants previous salary for a year up to £4000 pm
Sweden 70-80% of claimants previous salary for 14 months up to £6100 pm
UK £282 pm regardless of previous salary
Higher Education
Germany -Free university education
Sweden - Free university education
UK £9,000 per year
Public Spend on research
Germany 2.88%
Sweden 3.28
UK- 1.63%
Employment protection legislation
Germany 2.68
Sweden 2.61
UK 1.10 (lowest job security in the EU 15 countries)
Nationalisation
Germany 80% nationalised Railway cheeper and more efficient
UK - 90% Privatised- comparatively very expensive and inefficent
GDP per capita
Germany 46,900 USD
Sweden 46,900 USD
UK 41,200 Mil USD
Financial Balances
Germany +.2%
Sweden 0.8%
UK -4.1%
US -4.6%
Unemployment Rate
Germany 4.5%
Uk 4.9%
Global Competitiveness Ranking
Germany 5th
Sweden 6th
UK 7th