John McDonnell delivers major speech on economy
The shadow chancellor says Labour will “rewrite the rules of our economy”.
He says: “There have been too many examples to demonstrate that the relentless pursuit of shareholder value has been to the detriment of workers, consumers, communities and our environment.
“The recent litany of Carillion, BHS and Thomas Cook are just recent examples of what happens when short termism and corporate greed rule the roost. Several studies have shown how the short-term focus of many company shareholders and executives is a major reason for the poor performance of the UK economy. Too often corporate greed forcing short term profit-taking overrides good business sense.”
On billionaires’ wealth, he added: “If someone gave you £1 every 10 seconds, it would take you more than 300 years to become a billionaire.
“Someone on the national minimum wage would have to work 69,000 years to be paid £1 billion. And a newly qualified nurse would have to wait 50,000 years.
“No one needs or deserves to have that much money It is obscene.
“It is also obscene – by the way – that these billionaires are buying access and tax breaks to Boris Johnson’s Conservative Party.”