What Corbyn Stands For and Why He Spooks Markets 

Jeremy Corbyn is a controversial leader even in his own party. The man seeking to dethrone Boris Johnson as U.K. prime minister has been criticized for failing to tackle racism in the Labour Party and for moving it too far to the left. He has also won support for radical plans to combat climate change and a raft of populist policies, some a throwback to 1970s-style socialism, including re-nationalizing key industries and hiking taxes on corporations and the wealthy. While polls suggest Labour may struggle to win the Dec. 12 election, nobody’s ruling out 70-year-old Corbyn becoming the oldest first-time prime minister.

Industries including rail, water, energy production and the mail would be brought under public control. Vote-pleasers include free broadband for everyone, slashing rail fares by a third and making university tuition fees free. Labour would also lift the minimum wage to 10 pounds ($13) an hour, hand more power to renters, strengthen unions and bring in a four-day week within 10 years, with no reduction in wages. There’ll be more money for schools and public-sector workers and a 6 billion-pound boost for the National Health Service. Any income tax rises, Labour says, would affect only the roughly top 5% of individual earners.