Labour's John McDonnell wants to force high-earners to publish their tax returns

 
Mark Sands
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McDonnell has been Labour's shadow chancellor since Jeremy Corbyn first became leader in 2015. (Source: Getty)

Labour's shadow chancellor John McDonnell has revealed new plans designed to improve trust in the UK's tax system, including forcing anyone earning over £1m to publish their tax returns.

McDonnell announced the plans at a pre-Budget speech in London earlier today, adding that Labour also shares the widely-held goal of clamping down on tax avoidance.

"Transparency and fairness is at the heart of building a decent, open society. This will help restore public trust in the tax system – and help clamp down on any avoidance," McDonnell said.

It comes after several senior politicians - including then home secretary Theresa May - last year published their own tax documents in the wake of the Panama Papers scandal.

A Downing Street spokesman said today he was unaware of any plans for May to repeat the disclosure this year.

McDonnell also re-committed Labour to a "right to own" plan first announced last year, under which employees would be given first refusal on bringing forward a plan to take ownership of their company.

Chancellor Philip Hammond will present the government's own spending plans at the final spring Budget next week.

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