Chancellor of the Exchequer Rachel Reeves at the Confederation of British Industry (CBI) conference at the QEII Centre, London, November 25, 2024
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Leading left MP and former shadow chancellor John McDonnell issued the warning to Rachel Reeves as the Chancellor returned from her China trip to confront the bond market crisis.
Mr McDonnell, presently suspended from the Labour whip for opposing the cruel two-child benefit cap, told BBC radio: “There is obviously a problem.
“There’s turbulence in the international markets, and we’ve just got to see those through.
“You don’t turn to cuts, certainly, because not only will that be politically suicidal, that would undermine the political support upon which Labour got elected.
“In addition to that, you would be taking demand out of the economy, and you would be looking at turning a crisis into a recession.
“So I think you just have to see through the turbulence in the markets.”
Mr McDonnell also reminded the government that voters matter more than markets.
MPs show support for an immediate arms embargo outside parliamentPhoto: Jess Hurd
CROSS-PARTY MPs demanded action from the government today to put a halt to Israel’s onslaught in Gaza.
MPs debated petitions signed by over 100,000 people, calling for the immediate revocation of all arms export licences to Israel and 283,000 calling for the recognition of a Palestinian state, which were delivered before the general election
Since last October, at least 45,000 in Gaza have been murdered by Israel, in which Britain has been complicit through supplying arms.
In September, the Labour government eventually banned 30 out of 361 licences in a move labelled “tokenistic” by campaigners.
During the debate, Labour MP John McDonnell said: “I think history will judge us all for not doing enough to stop this.”
The former shadow chancellor said that while he was pleased that the petition is taking place “there’s a level of frustration now I don’t think we can contain any more.”
He asked: “Why isn’t democracy being exercised here to stop this?”
UK Foreign Minister David Lammy confirms that UK government and military are active participants in Israel’s genocides and that the F-35 parts that they suspended from supplying to Israel are instead simply diverted via the United States. He says see https://youtu.be/QILgUHrdWREGenocide denier and Current UK Prime Minister Keir Starmer is quoted that he supports Zionism without qualification. He also confirms that UK air force support has been essential in Israel’s mass-murdering genocide. Includes URLs https://www.declassifieduk.org/keir-starmers-100-spy-flights-over-gaza-in-support-of-israel/ and https://youtu.be/O74hZCKKdpA
John McDonnell, Labour MP for Hayes and Harlington speaks at an anti-racism rally and march in central London organised by Stand Up To Racism and trade unions, March 16, 2024
MPs have joined disability activists calling for a public inquiry into deaths linked to the Department for Work and Pensions (DWP).
Former Labour shadow chancellor John McDonnell MP has tabled an early day motion urging the government to set up the probe.
It states: “That this House notes the shocking evidence published by John Pring in his recent book [on] the harm, too often leading to fatalities, inflicted on disabled people by the DWP since the introduction of the work capability assessment.”
It calls on the government to establish an independent public inquiry into the role played by ministers, civil servants and advisers and their culpability for the suffering identified in this research.
Labour’s Jon Trickett, Mary Kelly Foy and Ian Lavery; SDLP’s Claire Hanna; and DUP’s Jim Shannon have sponsored the motion. Labour MP Grahame Morris has also backed it.
THE Labour leadership faced demands today to tax the rich instead of inflicting more painful spending cuts in its Budget on Wednesday.
Chancellor Rachel Reeves has warned that her fiscal announcement will involve “difficult decisions” because of a £22 billion “black hole” left by the Tories in the nation’s finances, which has since led her to talk of finding £40-50bn in spending cuts and tax rises.
Today Labour MP Richard Burgon presented a 50,000-strong petition in Parliament calling for wealth taxes as an alternative.
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The petition calls for a 2 per cent wealth tax on assets over £10 million, which could raise £24bn a year.
It also suggested equalising capital gains tax with income tax rates and ending state subsidies for fossil fuel giants, which could raise another £21bn.
Ms Reeves stated that the upcoming Budget will focus on “strivers,” invoking the rhetoric of austerity architect George Osborne, though a speech by Prime Minister Sir Keir Starmer today stressed Labour would raise taxes to invest in public services.
Labour MP John McDonnell tweeted: “Simple request to whoever is now running Labour’s communications strategy, drop the ‘strivers’ language as it inevitably has led in the past to reference to ‘skivers’ prefacing attacks on welfare benefit claimants and cuts in social security support.”
Over 120 charities under the End Child Poverty Coalition have called on the Chancellor to use the Budget to finally ditch the two-child benefit cap.
The coalition says that doing so would lift 300,000 children out of poverty.
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.Keir Starmer says pensioners can freeze to death and poor children can starve and be condemned to failure and misery all their lives.
