The Labour Party’s Marxist Shadow Chancellor, John McDonnell, has threatened that businesses will be banned from the London Stock Exchange if they fail to act on climate change.
The Labour Party will make the issue of allegedly man-made climate change — a voter-friendly way of pushing hard-left redistribution politics — its “overriding priority”, according to far-left MP John McDonnell, who laid out a series of radical proposals for the climate and the economy, should Labour take control of Parliament.
“If we are meet the climate change target to keep global warming to 1.5 degrees above pre-industrial levels, we need to ensure that companies are pulling their weight alongside government,” he told an event in London on Tuesday.
Vowing to “rewrite the rules” of the economy, McDonnell said that under a Labour government, the Corporate Governance Code would “set out a minimum standard for listing related to evidencing the action being taken to tackle climate change”.
“For those companies not taking adequate steps under Labour they will be delisted from the London Stock Exchange,” warned McDonnel.
The Marxist also set his sights on other aspects of the British economy, attacking the wealthy and even going so far as to propose centrally planned wage controls.
McDonnell, going after billionaires as part of the Labour party’s general push on class warfare, said: “No one needs or deserves to have that much money. It is obscene.”
To remedy the perceived problem of wealth, he said that the Labour Party “will also move towards a 20:1 pay ratio between lowest and highest-paid employees in companies bidding for public sector contracts”.
‘A 20:1 ratio means someone earning the living wage, just over £16,000 a year, would permit an executive to be earning nearly £350,000,” he added.
The proposal to fix wages is reminiscent of the maximum wage, a hallmark of the economy in communist Cuba, where most professions have salaries capped at $20 per month.
The Cuban people do enjoy “free” healthcare and schooling, but as Cuban exile and Yale historian Carlos Eire put it: “All slave owners need to keep their slaves healthy and ensure that they have the skills to perform their tasks.”