John McDonnell is going to Davos to explain why capitalism is failing

Catherine Neilan
Follow Catherine
If the Swiss mountains will not come to McDonnell.... (Source: Getty)

Avowed anti-capitalist John McDonnell is going to the World Economic Forum in Davos in order to tell the assembled billionaires and world leaders why the market economy has failed.

The shadow chancellor has been invited to the annual event in the Swiss mountains and "will use the opportunity to set out why it is vital we rewrite the rules of the global economy", his spokesman said today.

"He will further explain Labour’s vision for an alternative economic approach to replace the current model of capitalism that has failed the many; and led to an unsustainable concentration of wealth and power in the hands of a few."

The spokesman added that McDonnell - who is attending alongside US President Donald Trump - will "raise the problem of growing inequality across the developed world, and the need for countries and corporations to work closer together to clamp down tax avoidance and evasion".

More than 2,500 people are expected at this year's conference, including Prime Minister Theresa May and French President Emmanuel Macron.

The move marks another point in Labour's confused approach towards wooing the business community.

In December City A.M. revealed that Labour was seeking a meeting with Morgan Stanley just weeks after leader Jeremy Corbyn said the bank was right to view him as a threat.

In 2015 Corbyn suggested that Davos was "a grand conspiracy by big business to interact with significant political figures" and asked "why Davos exists at all."

Related articles