PHILIP HAMMOND currently warned that Britain’s economy will be sent back to the bankrupt 1970s if hard-left Jeremy Corbyn ends up holding power.
The Chancellor told Conservative discussion the country needs a “history lesson” to remind ourselves of the carnage caused by an out-of-control state.
And he suggested the UK could finish up like Cuba, Zimbabwe or Venezuela under Mr Corbyn’s policies of nationalisation and taxation hikes.
Mr Hammond told supporters: “The purpose of story is to learn lessons for the future.
“We owe it to the next era to show how Corbyn’s policies will fundamentally lead us back to where we were in the 1970s.
“We know what state control does to industry: utilities, transport, energy, steel, coal, mail, shipbuilding, telecoms, ports, airports and much of complicated production were all nationalised.
“Almost all of them were massively inefficient, using up outrageous waste – since the unions knew that with the state as owner, they could not go bust.
“So the environment of salary and prices was dynamic by exposed domestic power, not marketplace forces.”
He claimed that only “the radical prophesy of mercantile ransom presented by Margaret Thatcher” was means to mangle the settlement of arching acceleration and ever-higher taxes.
Mr Hammond went on to review Labour’s revolutionary policies to countries around the universe which have been wrecked by far-left regimes – some of them strongly upheld by Mr Corbyn.
The Chancellor said: “Like Cuba, which we visited last year as Foreign Secretary, where curiously, we found cows in the fields but no divert in the shops.
“I am certain the Cuban people are evermore beholden that the state controls the cost of divert on their interest and presumably peaceful to disremember the fact that the cost control is so effective that the farmers select not to furnish any. That’s what socialism does to a market.
“Or Zimbabwe – once, one of the many prolific and moneyed countries on the continent but after decades of socialism, not so much a breadbasket, as a basket case.
“And Venezuela, a country abounding over imagination in healthy resources but where the mercantile policies of Hugo Chavez, publicly upheld by Jeremy Corbyn, have so tragically bankrupt the country that it can longer feed its people and acceleration is over 1,000 percent, and expansion this year will tumble for the fourth year in a row.
“But still Corbyn won’t contend a word against it. ‘Oh, Jeremy Corbyn!’ Lost your voice now, have you?”
He vowed to better Labour’s beliefs with the appetite of evidence – blustering severe extremists who use social media to close down domestic debate.
Mr Hammond said: “We will better them by the appetite of argument, by the logic, by the knowledge of history.
“We will not review to the politics of the mob, to the threats, the intimidation, the undertones of anarchy that were so menacingly benefaction last week. Nor will we be quiet by danger either it’s on the streets or online.”
The Chancellor combined it is “very sad” that Labour bosses no longer sign up to the accord that capitalism is the best way to boost vital standards.
He pronounced that until recently, politicians like Mr Corbyn and John McDonnell were seen as “museum pieces, dinosaurs, worth preserving for the consequence of chronological curiosity”.
And he forked out that the Shadow Chancellor welcomed the financial predicament a decade ago, arguing that it would be a possibility to overpower the whole mercantile system.
The Chancellor resolved by wading into the Brexit discuss – warning that the depart from the EU could finish in disaster if it isn’t rubbed properly.
He said: “The future esteem is great. If we get this right – Britain will have a splendid future over Brexit. But to get to it, we must be clear-eyed about the hurdles along the way.
“We must not downplay the problems nor blink the complexities. This will be one of the many severe tasks ever undertaken by a peacetime supervision but with concentration and integrity and unity, we will succeed.”
Earlier today, Mr Hammond hinted that Boris Johnson could be sacked for defying Theresa May’s Brexit policy with a series of bomb interventions.