MANY in the media, especially the BBC, seem to be in thrall of Jeremy Corbyn’s Labour Party.

The Labour Party’s Manifesto seemed to be an unending promise to fund almost everything, abolishing student fees, building a million affordable homes — money seemed no object.

Its message was very seductive especially to the younger voter.

It is as though you have gone into the sweet shop and everything is available at no cost.

They say it will be paid for by those earning more than £80,000 a year, by an increase in corporation tax paid by companies and more borrowing despite the fact that the Institute for Fiscal Studies says the figures simply don’t add up.

It is a question of don’t let the facts get in the way of a good story.

Jeremy Corbyn and his acolytes have undoubtedly sent out a message which is very seductive knowing that they will not have to implement it.

Unfortunately, in the real world where I live, this is simply not possible.

As every student of economics knows, the definition of economics is the management of scarce resources.

Britain has scarce resources, made worse by the recession brought about under the last Labour government — just think of RBS for a start.

The government has the unenviable task of trying to balance the books to keep the ship afloat.

The election has had only one outcome — uncertainty. Both Labour and the Conservatives agree Brexit will happen, but now Britain’s hand is weakened.

Ironically, the younger voters, who seem to have had a great impact in the outcome of the election have, unwittingly, in effect voted, by default, for more austerity— the pundits agree that the outcome will undoubtedly weaken the economy.

This is the law of unintended consequences.

In old Lancashire, made up by older generations than ours, the expression "you don’t get owt for nowt"will be the lesson we will learn in the months and years ahead.

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