John McDonnell, a hard-left former trade unionist who has advocated renationalising banks and imposing wealth taxes, will also promise a Labour government would ensure the proceeds of economic growth are shared more equally around the country.
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But a Unite spokeswoman said: “As we have made consistently and regularly clear, Unite does not and will not support any moves to target MPs”.
The Labour Party will launch a “radical review” of the national institutions that manage the economy, including the Bank of England, its finance spokesman will say on Monday.
“There is now a brilliant opportunity for the Labour Party to construct a fresh and new political economy which will expose austerity for the failure it has been in the United Kingdom and Europe”, Piketty said in an e-mailed statement.
But what all this really means is that the way things have happened up till now can’t continue.
“I have heard some of the rumours about massive tax increases – I think the Tory party must have been affected by the lunar eclipse last night, we have said nothing whatsoever”.
And we will pay for it not on the backs of the poor and the most vulnerable, but from a fairer taxation system, which lifts the burden away from middle and low income earners; and from collecting the tax lost every year to corporate tax dodgers. While his office said removing the central bank’s independence wouldn’t be an option, McDonnell has previously been a strong critic.
Mr Corbyn received plaudits during the leadership election by standing on a stronger anti-austerity platform than his rivals. “Working alongside world leading economists Labour will present the coherent alternative our country desperately needs”.
The Labour Party has also been against a Financial Transaction Tax (FTT).
He also backed an increase in the top rate from 45 to 50p, hit out at the current inheritance tax system and attacked David Cameron’s tax credit cuts.
“But when you cut the overall rate of inheritance tax that means that the very richest become richer because of it”.
The party said Sunday it had recruited Nobel Prize-winer Joseph Stiglitz and Thomas Piketty, the author of the bestselling “Capital in the 21st Century”, to serve on a panel of advisers as part of an effort to boost its economic credibility.
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Mr Corbyn used an appearance on BBC One’s Andrew Marr Show to hint at the possibility of an income tax cut for low earners while calling for firms to pay what they owe.
