- John McDonnell could be Britain's next Chancellor of the Exchequer.
- The Labour MP is a self-professed Marxist who believes in "generally fermenting the overthrow of capitalism."
- McDonnell recently endorsed a 200-page white paper of economic ideas, including new targets for the Bank of England and a new financial structure for investing in tech and funding infrastructure.
- The vision is surprisingly moderate. It's more evidence that Labour is moving closer to the business community as the Tories move away from it.
- McDonnell and Graham Turner, an economist who helped write the paper, talked to Business Insider's Adam Payne.
LONDON — Critics of Shadow Chancellor John McDonnell know three things about him:
- He once said proudly, "I'm a Marxist" at a political meeting.
- His entry in Who's Who said that his interests included "generally fermenting the overthrow of capitalism."
- And at one of his first appearances in the House of Commons as the Labour Party's new shadow chancellor in 2016, he threw a copy of Chairman Mao's Little Red Book across the despatch box to criticise the Conservative government's friendliness to China — a move that cemented rather than dissipated his reputation as one of Labour's most left-wing members of parliament.
The Little Red Book incident was two years ago.
See the rest of the story at Business Insider
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