McDonnell woos past enemies for UK Labour’s push for power

Bloomberg

John McDonnell, self-proclaimed enemy of capitalism and the man who would be chancellor of the exchequer, took pride in sowing dissent.
He’s such a serial rebel that he used to produce his own version of the Budget as a rank-and-file lawmaker when the Labour Party was in power. In opposition, he and now-leader Jeremy Corbyn, undermined their bosses by publishing an alternative manifesto on the eve of the 2015 election.
The 66-year-old says he’s a changed man and wants everyone in his “tent.”
Asset managers in charge of multi-billion dollar funds should come and help write the party’s programme for government, party opponents should have their say, and his charm offensive in the City of London has seen him sipping tea with the bankers he once pledged to overthrow.
“We’re having the time of our lives,” McDonnell said in an interview after a speech to finance executives.
“There’s nothing up my sleeve, we’ll be open and transparent, and if you don’t believe us, why don’t you work alongside us?”
Labour is ready for an election if PM Theresa May should fall and increasingly ready for government, McDonnell does not tire of repeating. The softening of his tone to the City of London is part of the plan. Investors are needed to finance infrastructure and facilitate the re-nationalisation of railways and water supplies while paying more in tax to fund public services.
“The financial sector need to be servants of our community, not our masters, and they have accepted that,” McDonnell said. “I’d rather they came into the tent with us.”
Corbyn and McDonnell approach the City in different ways.