McDonnell to make first visit to Davos summit of elite politicians and bankers

10th January, 2018 4:32 pm

John McDonnell today surprised Labour activists by confirming he would attend the Davos summit of elite financiers, chief executives and politicians.

The shadow chancellor, who has waged war on the “establishment” in his two years at the top of the party, vowed to demand a “rewriting of the rules of the global economy” when he travels to the Swiss ski resort later this month.

Donald Trump, who made billions of dollars in property before turning to politics, will also join the event, as well as Theresa May.

Davos hosts the World Economic Forum each year and former top Tories such as David Cameron and George Osborne are said to have pocketed five figure sums for giving speeches there since leaving office.

Today aides to McDonnell confirmed he would take up an invitation to the summit although there is no suggestion he would receive any money.

His team said he would call for tougher action on tax avoidance and evasion.

“The shadow chancellor has been invited by the Word Economic Forum to attend their annual meeting this year in Davos,” a spokesman said.

“John McDonnell has accepted, and will use the opportunity to set out why it is vital we rewrite the rules of the global economy.

“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.

“In addition, he will raise many of the issues facing working people in our country, and across the world.

“The shadow chancellor will also call for greater international cooperation on the urgent threat posed by climate change, and 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.”

Last year McDonnell said constant criticism of Jeremy Corbyn amounted to “the establishment saying ‘get back in line, get back in your box’. They want to get back to a politics which is simply a rotation of the elites dominated by the City elites.”

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