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John McDonnell

  • Labour’s rejection of conventional economic theory ignores important insights

    Labour rejects conventional economic theory — to its detriment

    One of the first tasks facing whoever becomes chancellor after the General Election will be choosing the next governor of the Bank of England. Getting to make this choice would be a key step in the plans of Labour’s shadow chancellor John McDonnell to  shake up the Bank of England, but his radicalism is not [...]

  • John McDonnell: ‘No one needs to be a billionaire’

    Shadow chancellor John McDonnell is set to take aim at billionaires today, describing their wealth as “obscene” as Labour releases research showing almost a third of Britain’s billionaires have donated money to the Tories. McDonnell is expected to say he wants to “rewrite the rules of our economy” in a speech in central London later [...]

  • ‘Bad for business’: Financial lobby group criticises McDonnell’s planned financial transactions tax

    Financial lobby group slams McDonnell’s planned financial transactions tax

    Shadow Chancellor John McDonnell’s plans to extend the scope of Labour’s proposed financial transactions tax have come under criticism from the head of a City lobby group. “A tax on financial transactions would be bad for business, bad for investors, bad for savers, and bad for the economy,” said Miles Celic, chief executive of Thecityuk. [...]

  • Industry slams Labour plan to bring outsourced public services in-house

    July 21, 2019

    Business leaders have pilloried a Labour policy announcement to bring local council jobs like construction, bin collection and school dinners in-house. John McDonnell this weekend said the party wants local councils to carry out the services themselves rather than pay companies to do it. The Confederation of British Industry’s chief UK policy director Matthew Fell [...]

  • Labour to launch inquiry into ‘shadow banking’ that funds anti-environment industries

    June 24, 2019

    Labour is launching an inquiry into “shadow banking” in a bid to crack down on investment that fuels industries contributing to climate change. Shadow chancellor John McDonnell announced the the investigation in a speech to UK Finance on Monday as he talked up Labour’s green credentials. McDonnell praised the actions of the Extinction Rebellion protestors [...]

  • Elections that were never meant to happen have just transformed British politics

    May 27, 2019

    The elections that were never meant to happen have had an immediate and dramatic impact on British politics. The Brexit Party, which didn't exist six weeks ago, now has more seats in the European Parliament than any party from any country. The Liberal Democrats, written off as a spent force before the local elections, are [...]

  • Philip Hammond warns Tory leadership candidates against pursuing no-deal Brexit

    May 26, 2019

    The Chancellor Philip Hammond has warned prospective Tory leaders not to ignore parliament by pursuing a no-deal Brexit. A number of leadership candidates, including bookies’ favourite Boris Johnson and former Brexit secretary Dominic Raab have made it clear they would walk away from negotiations and leave the EU without a deal on 31 October if [...]

  • The two main advocates of nationalisation without market value compensation: Venezuela and Corbyn’s Labour Party

    May 15, 2019

    Labour's shadow chancellor can be quite charming when he wants to be. He can also be quite thuggish, and has yet to apologise for his comments about “lynching” former Tory minister Esther McVey. But it was charming John who spoke to an audience of CEOs earlier this week, during which he was asked by one [...]

  • Business risks ‘Corbygeddon’ if it doesn’t learn to speak up

    May 15, 2019

    The headline in the Sunday Times was stark: “Rich prepare to flee Corbyn’s Britain as Tories desert PM”. The country’s millionaires and billionaires were, according to the compilers of the paper’s annual rich list, preparing for “Corbygeddon” – the prospect of a hard-left Labour government making an irreparable dent in both their own finances and the [...]

  • MPs will vote again on Brexit next month – despite no deal between Tories and Labour

    May 14, 2019

    Theresa May will attempt to force her Brexit deal through parliament for the fourth time of asking next month – despite not yet reaching an agreement with Labour. Downing Street has revealed May will put forward the legislation needed for the UK to leave the EU in the week commencing 3 June. The announcement came after May met [...]

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