Labour’s McDonnell to attend Davos summit

LONDON (Reuters) – The British opposition Labour Party’s finance chief John McDonnell will attend the World Economic Forum in Davos this month to set out his imaginative and prescient for an alternative choice to the present mannequin of capitalism, his spokesman stated on Wednesday.

FILE PHOTO – Britain’s Shadow Finance Minister John McDonnell speaks on the Labour Party Post-Budget Rally in West Bromwich, Britain, November 23, 2017. REUTERS/Darren Staples

Davos is a gathering of politicians, central bankers, business leaders and celebrities who debate the world’s issues on the annual assembly of the World Economic Forum within the Swiss Alps. Prime Minister Theresa May can be anticipated to attend the Jan. 23 to 26 assembly.

McDonnell, socialist Labour chief Jeremy Corbyn’s most senior ally, as soon as listed “generally fomenting the overthrow of capitalism” amongst his pursuits within the Who’s Who listing of influential folks.

“He will further explain Labour’s vision for an alternative economic approach to replace the current model of capitalism that has failed the many and led to an unsustainable concentration of wealth and power in the hands of a few,” McDonnell’s spokesman stated in a press release.

Corbyn and McDonnell have promised a spread of sweeping financial reforms in the event that they wrest energy from May’s Conservatives, together with a debt-funded, 250-billion pound, 10-year funding plan and nationalisation of key industries.

After initially being written off as a misguided throwback to 1970s socialism by some in Britain, together with senior members inside Labour, Corbyn’s get together beat expectations of a wipeout at a snap nationwide election final yr, gaining seats and serving to to deprive May of an outright majority in parliament.

That has compelled some, together with main monetary traders, to noticeably contemplate the potential of a Labour government taking management of the nation despite the fact that the following election just isn’t scheduled till 2022.

Editing by Stephen Addison

Our Standards:The Thomson Reuters Trust Principles.

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