Investment banking giant Morgan Stanley recently published a report that warned its clients about the possibility of a general election in 2018 and - in turn - of a Corbyn-led Labour victory. Such an outcome, the bankers described, would be a “worse threat to business than Brexit”.

British capitalism is clearly in a parlous state. The miserable spurt of growth of a few years ago has completely run out of steam, leaving the UK in a disastrous position. All the economic forecasts from the top institutions for the coming period have been downgraded from those of a year ago.

Richard Leonard, the left candidate for Scottish Labour leader, has won a close fought race to succeed Kezia Dugdale. His victory represents the most significant gain for the Left in its struggle to win control of the overall party since Corbyn’s victory itself.

The revelations of harassment in Westminster reflect the rottenness of the establishment and the crisis facing this Tory government.

“I have never seen a class so deeply demoralised, so incurably debased by selfishness, so corroded within, so incapable of progress, as the English bourgeoisie,” commented Frederick Engels more than 150 years ago. Such an appraisal could have been written today. The establishment is in crisis and so is the Tory government. They are being paralysed by one revelation and scandal after another. There appears to be no let up. Meanwhile, the stalemate over the Brexit negotiations is forcing them to peer over a very-unnerving precipice.

Anyone struggling to make ends meet, trying to survive from one payday to the next, will be amazed to discover the we are now at the “peak of the second Gilded Age”. These words are those of Josef Stadler, the Global Head of the Ultra High Net Worth division at UBS, commenting on a report on the way that the wealth of the rich has risen over the last period.

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