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News about Boris Johnson's election live: Latest updates because donor Tory requests Russia report



John McDonnell gives a speech on the economy

The shadow chancellor says that the Labor Party will "rewrite the principles of our economy."

He says: "There were too many examples to show that the relentless pursuit of shareholder value has harmed employees, consumers, communities and our environment.

"The last litany of Carillion, BHS and Thomas Cook are just the last examples of what happens when short-term and corporate greed rule. Several studies have shown that the short-term concentration of many shareholders and company executives is the main reason for the poor performance of the British economy. Too often, corporate greed forcing short-term profit generation has obscured business sense. "

About the wealth of billionaires, he added: "If someone gave you 1 pound every 10 seconds, it would take you over 300 years to reach a billionaire.

"Someone on the national minimum wage would have to work 69,000 years to get £ 1 billion. And a newly qualified nurse would have to wait 50,000 years.

"Nobody needs or deserves to have that much money. This is obscene.

"By the way, it's also obscene that billionaires are buying access and tax breaks to Boris Johnson's Conservative Party."


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