New Labour row as footage shows shadow chancellor 'welcoming 2008 financial crisis'
SHADOW chancellor John McDonnell today claimed past comments in which he appeared to enthusiastically welcome the financial crisis were a “joke”.
The left-wing Labour MP has been accused of celebrating the economic hardship suffered by British families after footage emerged of him speaking to anti-austerity activists in 2013.
In a YouTube video of the meeting, Mr McDonnell branded himself a “Marxist” and claimed he had been waiting “a generation” for a global economic meltdown.
Referring to the banking crisis, the then-backbench MP told the audience: “For Christ’s sake don’t waste it, you know.”
Footage shows shadow chancellor welcoming financial crisis
Mr McDonnell was told he had brought his party “into disrepute” by one furious Labour MP after the clip emerged.
Hyndburn MP Graham Jones branded the comments “absolutely shocking”, adding: “To celebrate people losing their jobs is beyond words”.
In the video - which is titled ‘John McDonnell MP speaking at communities against the cuts meeting’ and was first posted on YouTube on March 17, 2013 - the Labour politician urged attendees to “demand systemic change”.
He said: “Look, I’m straight, I’m honest with people. I’m a Marxist.
"This is a classic crisis of the economy. A classic capitalist crisis. I’ve been waiting for this for a generation.
“For Christ’s sake don’t waste it, you know. Let’s use this to explain to people this system based on greed and profit does not work.
"What we need is a system based upon planning for need and democratically control it.”
Mr McDonnell called on activists to show determination, courage and solidarity.
Absolutely shocking. To celebate people losing their jobs homes is beyond words. Brought the Party into disrepute. https://t.co/ummztmYPOi
— Graham Jones MP (@GrahamJones_MP) September 15, 2016
But, grilled over his past comments while speaking at a Bloomberg event in the City of London this afternoon, Mr McDonnell brushed off the row.
After the footage was first unearthed by the Daily Telegraph, he said: “It was a joke. I think I also said the bankers have done more to undermine capitalism than anything the SWP (Socialist Workers Party) have done in the last 40 years.
“I think it was taken as a joke and, if you listen to the tape, people fell about laughing as a result.”
This is a classic crisis of the economy. A classic capitalist crisis. I’ve been waiting for this for a generation.
Both Mr McDonnell and Labour leader Jeremy Corbyn were already under fire today following the release of a ‘hit list’ of MPs claimed to have abused the party leader and his key allies.
A press release from Mr Corbyn’s leadership campaign team had highlighted the alleged behaviour of a number of Labour MPs.
Mr McDonnell said he was “absolutely furious” about the release of the document, which has been blamed on a junior member of staff with it not meant for official use.
The shadow chancellor added: “One of our researchers saw a bit of incoming flak and then did a list of all the statements that have been made by other MPs, some of which were not particularly kind, let’s put it that way.
“It was a briefing note. It shouldn’t have gone out. And we apologised for that.
“It certainly was not a list in any way to attack anyone. It was just a factual report.”