Economic meltdown: Mail City Editor ALEX BRUMMER has seen boom/bust but Labour's kamikaze policies will bankrupt Britain

Jeremy Corbyn and sidekick John McDonnell hope to settle into Downing Street. However Corbyn and his radical coterie of socialists could wreck the economy Businesses’ and individuals’ savings in shares, pensions, Isas would be ruined The pound would fall and the nation would be at risk of financial devastation 

There can be few more frightening specters for the future prosperity of every household in Britain than that of Jeremy Corbyn and his financially illiterate sidekick John McDonnell settling into Downing Street later this week.

Of all the economic shocks Britain has suffered down the decades — from hyper-inflation in the Seventies, to the chaotic exit from the Exchange Rate Mechanism (the forerunner of the euro) in 1992, to the financial crisis of 2008 — I find the prospect of an extreme-Left Corbyn government the most disturbing.

It is no exaggeration to say that Corbyn and his radical coterie of socialists could not only wreck the economy. But also, the financial markets would crash on their first day in office as the Four Horsemen of the Apocalypse rode through the City of London.

Hard-won economic gains for Britain since the financial crisis — including full employment, repairs to the financial system, a return to growth and the slashing of the annual budget deficit to one-third of that inherited from the last Labour government — would be lost at a stroke.

The pound would go into an uncontrolled fall, countless businesses’ and individuals’ savings in shares, pensions and Isas would be ruined, and the new Corbyn government would find it impossible to sell the British bonds which allow the Treasury to borrow on global financial markets.

In a flash, instead of being among the fastest growing economies in the Western world, the nation would be at risk of financial devastation. Foreign businesses which have chosen to invest in the UK would consider an exit strategy. On the other hand, home-grown businesses would feel their livelihoods were at risk. Unemployment — which at 4.6 per cent is half that among our neighboring countries in the eurozone — would soar.

For the truth is that at the heart of Corbynomics is a huge confidence trick designed to bamboozle the electorate.

Corbyn and his Marxist comrade McDonnell believe it will be easy for Britain to borrow hundreds of billions of extra money on the financial markets and to raise tens of billions