John McDonnell response to Philip Hammond’s Mansion House speech

John McDonnell MP,
Labour’s Shadow Chancellor, commenting on Philip Hammond’s Mansion House speech this morning, said:

“The Chancellor has
made clear this morning that the message remains the same – austerity will
continue. The Tories have learnt nothing from the General Election, and the
last seven wasted years of economic failure. The Conservatives have no
understanding of the depth of suffering, stress and insecurity their long
austerity regime has caused.

"And we
have seen the Chancellor again trying to distance himself from
the position of his Prime Minister on Brexit. It just shows
further disarray at the top of government. The fact that there is
clearly such a serious split between Number 10 and 11 is very worrying and only
helps to undermine our country ahead of the Brexit negotiations.

“It further shows just
how weak a position Theresa May is in. And raises the serious question of: how
can she negotiate Brexit when her own Chancellor is so publicly disputing her
position on Brexit and briefing against his own Cabinet colleagues?

“The truth is that the Government’s
spin of over a “hard” or soft “Brexit”, is just a smokescreen to paper over the
cracks of the divide at the very heart of this Tory Government. The reality is
that they are really planning a Brexit for the few by turning our county into a
tax haven off the coast of Europe, which diminishes workplace rights and
undermines working people’s living standards.

“Labour has called from
day one for the Chancellor to act on gaining assurances over our stake in the
EIB, and it has taken him a year to raise a finger; and now he has, all he is
offering businesses in our country in way of support to mitigate any risks from
the loss of this resource is a drop in the ocean from the actual support they
will really need.

“Only a Labour Government
will secure a Brexit for the many that will put jobs and the economy first, and
ensure that working families and small businesses are protected from any
challenges our country faces after leaving the EU.”