Corbyn and McDonnell’s left-wing plot to change the face of Britain : Express.

He penned a blueprint for power five years ago that gives a taste of the draconian taxation and fiscal measures he would introduce in his first 100 days in office.

Writing for the Labour Briefing Magazine in October 2012, ardent Left-winger Mr McDonnell wrote: “In the first week of a Labour government democratic control of the major economic decisions would be restored by ending the Bank of England’s control over interest rates and bringing the nationalised and subsidised banks under direct control to force them to lend and invest their resources to modernise our economy and put people back to work.

“To bring a halt to the frenetic, madcap speculation in the City, the government would introduce a financial transaction tax, raising funds to be ploughed into creating the infrastructure which a modern, sustainable economy requires.

“If the City resists, then let’s make it clear that capital controls would follow.

“To clear the decks of the old corruption we will abolish once and for all the last bastion of the undemocratic business vote by scrapping the City of London Corporation.”

This is just a start of what a radical Labour government can offer

John McDonnell

He also pledged to free up resources for house building and infrastructure investment by introducing a wealth tax on the richest 10 per cent, a land value tax and a restored system of progressive income tax with a 60 per cent level on incomes above £100,000 and 70 per cent on incomes above £1million.

There would also be a cap on high wages of no more than 20 times the lowest paid in any company.

In order to help create new homes, he would give councils the power to compulsory purchase properties unreasonably left empty for more than six months while ending the tax breaks for buy-to-let landlords.

Read More : Express.



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