The famous economist that was meant to shape Labour's economic policy has abandoned the party
REUTERS/Charles Platiau
The move comes as the Labour party faces its worst crisis in years following an overwhelming vote of 'No Confidence' by Labour MPs against leader Jeremy Corbyn.
Many have criticised Corbyn for running a half-hearted campaign for Britain to stay in the EU leading up to Thursday's referendum, in which the UK shocked the world by voting to leave.
Thomas Piketty, a Nobel Prize winner, is one of the most famous left-wing economists in the world. He shot to fame in his 2013 book "Capital in the Twenty-First Century," which focuses on wealth and income inequality.
He joined Corbyn's economic advisory council last year on the leader's pledge to cut UK austerity implemented by the Conservative government. The council was set to meet four times a year to prep shadow chancellor John McDonnell and give lectures to MPs on economic matters in Westminster.
But it seems that the Brexit vote - combined with the strong possibility that Corbyn may not even be a Labour leader by the next General Election - proved too much Piketty.
The economic fallout from Brexit is still hard to determine. Some have pointed to the current upturn in the markets as a good omen, while Credit Suisse has released a note saying it does not think it will lead to another credit crisis.
But there are still signs that the UK economy will not escape unharmed: telecom giant Vodafone has already announced that it is thinking of moving some employees overseas, while Goldman Sachs has said it expects many banks to do the same.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member
- Private Equity Investments
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market