John McDonnell MP Blog Headlines
This morning, the Prime Minister called a general election. She has blamed Brexit, she has blamed our European neighbours, she has blamed the parties on these benches, but the real truth is that after seven wasted years of economic failure under the Tories:
• They have failed to close the deficit
• They have added £750bn to the national debt
• Pay is falling behind prices
• 4 million children are growing up in poverty
• Our schools are in crisis
• Our prisons are in crisis
• There's more people than ever on NHS waiting lists
• More families are homeless
• More elderly people are not getting the care they need
We need a Labour government to rebuild and transform Britain.
I’m delighted to be standing again as the MP for Hayes and Harlington. It’s a real privilege to represent our community in which I have lived for 40 years and brought my family up in. I’ve worked hard for my constituents in Parliament for the last 20 years and I hope to be elected again to continue this work.
Speaking today (Wednesday 12 April) on a visit to an arts and crafts exhibition at Age UK Coventry’s Craft and Computer Centre, John McDonnell, the Shadow Chancellor and Debbie Abrahams, Shadow Work and Pensions Secretary, launched Labour’s Pensioner’s Pledge Card.
The Pensioner’s Pledge Card lays out Labour’s four promises to protect older people in our communities:
Protect pensioner incomes by legislating to keep the Triple-Lock on state pensions up to 2025
End Tory unfairness on the women’s pension age, compensating those worst affected
Protect the pensions of UK citizens living oversea
Keep the Winter Fuel Allowance and free bus passes for pensioners
Alongside the pledge card, Labour will publish new analysis from the House of Commons Library showing pensioners will be at least £650 better off by the end of the next parliament from keeping the triple-lock.
Highlighting an increase in pensioner poverty over the last year, Labour will also commit to compensating women worst affected by the Government’s speeding-up of the state pension age; protecting pensioner benefits and protecting the pensions of UK citizens living abroad.
John said “ I am delighted to be launching this pledge card that will inform many elderly people in our communities that Labour is...
Local councils, NHS hospitals and schools engaged with PFI contracts, derivatives linked to Libor and day-to-day borrowing could be large scale victims of Libor rigging.
Yesterday, Shadow Chancellor, John McDonnell MP, called for the Chancellor to establish a public inquiry into the scandal. He is today demanding an independent assessment of the losses to public bodies and that where losses are identified as a result of Libor rigging, they must be made good by the banks.
Revelations by the BBC's Panorama programme concerning the involvement of the Bank of England and senior officials from major banks in the rigging of the Libor index raise urgent questions for the Bank of England and the Government:
- Did senior Bank of England officials, in allegedly applying pressure to banks to lowball their reported borrowing rates, act with or without the knowledge of Treasury officials and ministers?
- Was the Bank or Treasury aware of the potential costs to public authorities as a result of lowballing?
- How many public bodies have losses arising from their purchase of Libor-linked derivative products, and what are the scale of those losses?
John McDonnell MP said:
"This is now a matter of utmost concern that gets to the heart of failings in our banking system. Did senior officials at the Bank of England, with or without government encouragement, knowingly cause public bodies like NHS hospitals, schools and local councils to suffer potentially major losses?
My concern is that local councils, NHS hospitals, and schools could have paid a huge cost for the Libor rigging scandal. We need to know exactly what went on, what was the impact on public finances and who was responsible. Above all else...
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