Labour would rewrite rules of UK economy, says John McDonnell

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Shadow chancellor criticises corporate excess but rules out windfall tax on oil and gas firms

John McDonnell has promised that a Labour government would “rewrite the rules of our economy” as he announced proposed reforms to business regulation that he said would help workers “take back control”.

In a speech that made a series of attacks on corporate excess, the shadow chancellor ruled out imposing a windfall tax on oil and gas companies – a policy Labour had been seriously considering in recent days.

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