Little that Snippa Spud would disagree with in Tony Benn’s plan from 1976

Britain was rescued and stepped back from the brink. But it was a close-run thing. Had it been up to Tony Benn, closest in political philosophy to the current Labour leadership, Britain would have gone over the edge.

Benn, the energy secretary, wrote a paper, The Real Choices Facing the Cabinet, proposing an alternative economic strategy including large-scale intervention in industry, import controls and lower interest rates. Britain would have become a command economy. Fortunately, the cabinet rejected it.

That plan is here.

Import quotas.

Import deposits until those are in place.

Exchange controls.

Capital Issues Committee – this is government control of investment.

Lower interest rates.

More to the NEB – more planning of investment again, national investment bank sorta stuff.

One of the joys of His Tuberosity is that he wouldn’t even realise, let alone know, that his plans are Bennite.

7 comments on “Little that Snippa Spud would disagree with in Tony Benn’s plan from 1976

  1. Ducky – it’s the younger brother of exchange controls. You want to import something, you’re obliged to lodge additional dosh for a period of time.

  2. TMB – Ok, so presumably I get my deposit back some random period after the goods have cleared Customs, say 37.625 weeks, or some other event, say the export of finished goods?

    I suppose the direct effect is intended to force substitution quickly.

    Could be a problem if the Great Rubber Plantations of the Cambridgeshire Fens have been transformed by the National Investment Commissariat into a designated vermine farming collective.

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