POLITICS

John McDonnell Claims Theresa May Wants To Give Banks A Special Brexit Deal

'They want a 'Bankers’ Brexit', in the interests of an elite few, not the majority'

27/10/2016 09:22 | Updated 27 October 2016

John McDonnell has warned the Tories want to create a “Bankers’ Brexit” that nobody voted for.

The shadow chancellor said today the Tories are only interested in cutting “sweetheart” deals for the banks and big business, while ignoring the needs of manufacturers and small firms.

The shadow chancellor is warning that the Government wants to advance “backdoor privatisation” of the NHS via a Brexit deal similar in scope to the controversial Transatlantic Trade and Investment Partnership (TTIP) proposed agreement between the EU and US.

“Whether by design or by default, this shambolic Brexit will end up where the Tories always end - looking after the few, not the many.

“Already, Tory Cabinet ministers are looking to cook up special deals for their friends in the City of London. They want a “Bankers’ Brexit”, in the interests of an elite few, not the majority.

“They’ll cut a deal for finance, but ignore our small businesses and manufacturers.

“Let me be clear, those who have voted Conservative are not the same as the Tory establishment. Like me, you will have friends who have voted Conservative.

“They don’t want a Bankers’ Brexit any more than I do. The simple truth is that the Tory establishment cannot be trusted to make a success of Brexit. They want to take control for themselves, not the many.

“They want to turn Britain into a Singapore of the North Atlantic. Not because they want to match the huge public housing provision that country offers for the many. But because they want to match the low taxes for the few.

“The Tories would want to strike their own TTIP deal that would keep in place the backdoor privatisations of our NHS, and they would run down our hard-won employment rights,” McDonnell said.

PA/PA Wire

The shadow chancellor said that Prime Minister Theresa May’s backing for Heathrow expansion shows she is ready to shift position on major issues.

“If she is willing to turn her back on her constituents to satisfy the Conservative establishment, then how can we take on blind trust that she will seek a Brexit deal that benefits everyone in our country and not just Tory special interests?

“And nor can we trust Philip Hammond to speak for Britain in striking a deal. Just look at his record. In 2013 when he was Transport Secretary and dealt with the Thameslink trains contract when it came to British workers fighting for their job, he chose to award a contract to an overseas country regardless of the job losses.

“And his excuse? He was worried not about those workers losing their jobs, but upsetting Eurocrats.”

McDonnell said Labour will organise a “People’s Brexit”.

“Labour would work with our European neighbours to protect our key industries like steel, and broker deals with the EU to make sure big multinationals like Google pay their fair share in tax.

“We will put the national interest first. The Tories will put their vested interests first.

“Labour will take back the economic levers of power currently in the hands of the EU, such as over state-aid rules, and return them to the people.

“We are also committed to making sure that Brexit works for everyone not an elite few. The Tories want to cut special deals for bankers, and cut taxes for big multinationals.

“Not a Bankers’ Brexit for the lucky few, but a People’s Brexit for the many.”

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