Britain's opposition Labour Party will on Monday set out a 6 billion pound ...
BRIGHTON, England - Britain’s opposition Labour Party will on Monday set out a 6 billion pound per year plan to help look after elderly people, as it pitches its economic agenda for a socialist-run country at the party’s annual conference.
Presenting himself as Britain’s finance minister in waiting, veteran left-winger John McDonnell will set out a series of policies to reshape the pro-business, free-market orthodoxy that has guided the British economy for decades. The 68 year-old, once considered on the extremes of Britain’s political spectrum after a lifetime spent campaigning to tear up the capitalist system, is now seen by investors as a possible custodian of the world’s fifth largest economy.
McDonnell has already backed new taxes on Britain’s financial services sector, and, in the 2017 election campaign, said he would raise income taxes on the highest earners. The Labour party’s plans for widespread nationalization, higher public spending, higher taxes and forcing large corporations to give workers shares, have provoked deep concern among investors and business lobby groups.
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