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What a joy to see John McDonnell quoting the £120 billion figure of tax avoidance, rather than the various fudged figures we’ve had since the Tories came into office.

Mr McDonnell said there would be an “institutional review” of a “whole range” of organisations to see whether they are fit for purpose, and called for renewed investment in the tax office to close down loopholes that allow large corporations to pay minimal tax.

The MP for Hayes and Harlington called for the introduction of a new “national bank” to help the UK’s long-term investment infrastructure.

Mr McDonnell also said he wants a return to separate government departments to manage public expenditure and help drive economic growth.

The new shadow chancellor highlighted an annual tax gap of £120 billion, saying that a “significant proportion” of that should be collected.

Source: John McDonnell Says Tax Avoidance And Corporation Tax Cuts Are ‘Appalling’