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10 January 2017, 17:16
After Jeremy Corbyn proposed a maximum salary cap for fat cats, Iain Dale wants to point out what other countries in the world have tried - it's not encouraging news for the Labour leader.
Iain painted a striking picture of the "reboot" of Jeremy Corbyn that seems to be underway, with the Labour leader making his first big speech of 2017.
Jeremy Corbyn's Wage Cap Idea Doesn't Impress Iain
Iain Dale on why a cap on huge salaries won't work - no matter what Jeremy Corbyn says.
Although he tackled Brexit and the NHS, but it was the Labour leader's statements on tackling pay inequality that made the most impact - certainly on Iain.
The LBC presenter said: "In his round of interviews this morning, instead of talking about free movement of labour...and getting those Brexit-voting Labour supporters onside, what he proceeded to do was blurt out that he actually believes in a maximum wage cap.
"First of all he said it would apply to everybody on a huge salary and then he caveated that later in the day, saying 'well, actually, it might only apply to businesspeople.'"
Next, Iain looked at what countries had tried a maximum salary cap - Egypt, Cuba and Venezuala.
"So what we have here is not Corbynomics, it's Venezuelanomics!
"And look at the state that Venezuela is in today!"