It beggars belief that Jeremy Corbyn can, with a straight face, announce that capitalism has failed and we’d all be better off under socialism. ‘The super-rich are on borrowed time,’ he said at the Labour party conference. He’s going to tax the rich until their pips squeak, overlooking the fact that the coalition government’s decision to lower the top rate of tax from 50 per cent to 45 per cent actually boosted tax revenues.