John McDonnell and Jeremy Corbyn may as well bring back the Bay City Rollers and have done with it. His promise to the Labour conference that he would abolish current trade union legislation opens up the astonishing prospect that many of the curbs on union power enacted since 1979 will be ended. It also raises the possibility that Mr McDonnell’s scheme would turn into a British version of “black empowerment” by which the state appoints well-connected people to control investment funds and run companies. They do not, we may be sure, have such arrangements in Slovakia, Romania, or China, whence new investment will surely go in even greater flows. The book 'Economics for the Many' (VERSO, 2018) contains 16 essays (edited by Shadow Chancelor John Mc Donnell) with costed policy proposals for a radically different economy, one that puts people before profits. Want an ad-free experience?Subscribe to Independent Premium. In order to navigate out of this carousel, please use your heading shortcut key to navigate to the next or previous heading. His father was a bus-driver and his mother a shop assistant. In some respects, they are ahead of him, and certainly in a position to enact many of these ides before Mr McDonnell will. A woman sitting in front of your correspondent who cheered wildly at every mention of a “composite motion” remained mercifully silent.
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But we need the right ideas and strategies if we’re going to get there. John McDonnell has been the Shadow Chancellor of the Exchequer under Jeremy Corbyn’s leadership since 2015. Unable to add item to Wish List. Mr Corbyn has lived an austere life but also a cosseted one—he grew up in a manor house in Shropshire, doted on by left-wing parents, before immersing himself in the agitprop culture of north London. To get the free app, enter your mobile phone number.
And he and his first wife looked after ten foster children, some of whom had been abused (he was an hour late for one exam at Birkbeck because one of the children had run away). The audience was much happier when Mr McDonnell talked about nationalising the utilities. He’s been ubiquitous in the media and on the fringe. Mr McDonnell makes a point of talking to all elements within the party—one of his favourite statements is that “my door is always open”—whereas Mr Corbyn spends much of his time in the bunker-like leader’s office with his far-left aides.
Mr McDonnell wants to force “big” companies to give 10% of their shares to their workers.
Mr McDonnell has provided the Labour Party with the closest thing that it has to a radical new idea: forcing companies to give their workers shares worth perhaps 10% of the total. Few could forget the moment when he tossed his copy of Chairman Mao’s Little Red Book across the despatch box to George Osborne, during last year’s Budget debate. Mr McDonnell wants to rewire the Treasury to convert it from a block on “progressive reform” into an agent of regional regeneration and public investment. Britain’s flexible labour market did much to speed its economic revival from the 1990s and to protect jobs during the Great Recession. But he is also fizzing with ideas for reinventing socialism in the age of the iPad. (Tip: taxing homes is best done on sale, when the tax can be easily afforded from a capital gain). Every concession he makes to what he calls “practical moderation” is driven by a desire to bring his socialist vision of the future closer to realisation. He has been the Member of Parliament for Hayes and Harlington since the 1997 general election. This would cause a huge capital flight which would severely damage the British economy (which is one of the most globalised in the world) while ensuring that the shares that the workers were given would be of declining value. And it was undoubtedly bold. He is also the only one with the self-discipline to focus on the real prize—creating a Labour government. The shadow chancellor not only delivered today’s keynote address in the main hall. How would the idea apply to firms which only have a small proportion of their employees in the UK (such as Rio Tinto, BP and HSBC)? If the Labour answer to that is to “intervene” with grants or an equity stake in the UK operations of those concerns – partial or complete nationalisation – then we really would have recreated British Leyland. By contrast Mr McDonnell is steeped in Marxism-Leninism, with a heavy dose of Trotsky and Gramsci. After viewing product detail pages, look here to find an easy way to navigate back to pages that interest you. There is an interesting debate to be had about companies giving workers shares.
He is much more dangerous
Mr McDonnell’s plan would do little to change employee incentives since employees would get such a small pay-off (£500) with the rest going to the taxman. But there were also some more subtle ideas. To be fair, it is hardly his mess, but he had no better answer to the right trade-off between access to the single market and free movement of labour. Does this book contain quality or formatting issues?
The Conservatives have managed just three defections, but even small numbers matter to a minority government trying to steer through the most controversial legislation in a generation. The Age of Surveillance Capitalism: The Fight for a Human Future at the New Frontier of Power, Change and Continuity: Canadian Political Economy in the New Millennium, This Life: Secular Faith and Spiritual Freedom, Globalists: The End of Empire and the Birth of Neoliberalism, Fast, FREE delivery, video streaming, music, and much more. In order to navigate out of this carousel, please use your heading shortcut key to navigate to the next or previous heading. It may not have been especially fair of Mr McDonnell to single out Sir Philip Green and Mike Ashley – they are hardly the only extremely rich businessmen – but they are two high-profile examples of the type of capitalist the public finds unacceptable.
Mr Corbyn has shrunk: he often seems just to be going through the motions. After all, even the much-maligned George Osborne brought in the “national living wage”, much to Labour’s frustration. Please try again. Mr McDonnell seems to be more interested in raising taxes on corporations (which can easily move abroad) than he is on changing the wiring of capitalism. Mr McDonnell has also failed to provide answers to crucial questions. The most insightful comments on all subjects will be published daily in dedicated articles. How would it be assessed? He is quite capable of sounding the familiar hard-left themes—Sir Nicholas Soames dismissed him as a Poundland Lenin when he called his grandfather, Winston Churchill, a “villain”. Please continue to respect all commenters and create constructive debates. After viewing product detail pages, look here to find an easy way to navigate back to pages that interest you. Mr McDonnell’s big speech was hardly a rhetorical triumph. Austerity in Britain has been, at best, a mixed success, and there is no mistaking public revulsion at the excesses of corporations, not least their failure to pay anything like a fair share of tax. Find your bookmarks in your Independent Premium section, under my profile. He immediately accepted that the Russians were responsible for poisoning people in Salisbury when Mr Corbyn again quibbled. Prone to joking, Mr McDonnell was wise to tone down the stand-up side of his act when he addressed his party conference yesterday. Much of his speech lived up to that billing; but on the unions and a wealth tax there is much too much left unsaid, too many risks with the economy and too many votes to be lost for him to leave things unsaid for much longer. And how would Mr McDonnell’s idea apply to foreign firms with British subsidiaries? He has been the Member of Parliament for Hayes and Harlington since the 1997 general election. Wouldn’t they be gone in a jiffy? Something went wrong. It covers topics from housing, public ownership, and fairer international trading systems to industrial policy for the twenty …
John McDonnell, the shadow chancellor, has had his moments. The Tories are wrong to dismiss John McDonnell as a Poundland Lenin. The Labour Party clearly not only believes that it might win the next election but that it might get a mandate for a far-reaching agenda. Luciana Berger, one of the eight resigning MPs who has also suffered some of the worst anti-Semitic abuse, has revealed that she has not met Mr Corbyn in 14 months. Bagehot John McDonnell, Labour’s hard man.
He reads serious books (on a boating holiday last year he took along Aristotle’s “Politics”) and engages with serious thinkers from other parties. He proudly describes himself as a “bureaucrat”. But so, too, do the huge possibilities presented by new technology and better ways of organising our economy in the wake of neoliberalism’s failure.
Mr McDonnell pointed out that this year marks the hundredth anniversary of Labour’s adoption of Clause Four (which commits the party to the “public ownership of the means of production, distribution and exchange”). Copyright © The Economist Newspaper Limited 2020. The generally rapturous audience treated Mr McDonnell’s ideas with boredom verging on indifference. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. The Tories are wrong to dismiss John McDonnell as a Poundland Lenin. Whatever else you can say about Mr McDonnell, he is not the sort to let a good crisis go to waste. He engaged in a spell of Trump-style press bashing by praising Jeremy Corbyn for standing up to press “attacks” over anti-Semitism. “Straight talking, honest politics” was the Corbyn campaign slogan Mr McDonnell said he had a hand in crafting. Economics for the Many, edited and introduced by Shadow Chancellor of the Exchequer, John McDonnell, features contributions from the participants in McDonnell's New Economics conferences, including Faiza Shaheen, Barry Gardiner, Prem Sikka, Ann Pettifor, Paul Mason, Rebecca Long-Bailey and covers topics from housing, public ownership and fairer international trading systems to industrial policy for the 21st … At last year’s conference Mr McDonnell was in his responsible-bank-manager role: trust us to run the economy better than the other lot. Mr McDonnell has taken a more emollient approach to mainstream Labour MPs than Mr Corbyn. John McDonnell and Jeremy Corbyn may as well bring back the Bay City Rollers and have done with it. What about the practical merits of Mr McDonnell’s ideas? Mr Corbyn does not so much have an ideology as an overwhelming sense of his own virtue, buttressed by a handful of slogans.
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