The new owner of Banksy’s ‘Slave Labour’ mural plans to destroy the work in protest after purchasing it for an eye-watering £561,000.

The work, which originally appeared on the side of bargain shop ‘Poundland’ in the North London area of Wood Green in 2012, depicts a child on his knees with a sewing machine while creating Union Jack bunting. It is believed Banksy created the work in protest of the sweatshops being used to create souvenirs for the London Olympics.

The work, which was removed from the wall in 2013, has now been sold to Ron English who bought the painting during an auction at Julien’s in Los Angeles. Now, the owner plans to whitewash the work because he believes street art “shouldn’t be bought and sold”.

“My idea for this painting is to whitewash it for my good pal Banksy, I only wish I could’ve spent more money for it,” he said.

“I’m going to paint it white again, I’m done. This is a blow for street art. It shouldn’t be bought and sold. I’m going to paint over it and just include it in one of the walls in my house. We’re tired of people stealing our stuff off the streets and re-selling it so I’m just going to buy everything I can get my hands on and whitewash it.”