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John McDonnell told a cheering crowd that the next Labour government will "uproot and bring back" the real magic money tree. The Labour party under Jeremy Corbyn has been accused of not accounting for their spending pledges, leading to Tory claims of a "magic money tree". However, the Shadow Chancellor fired back at this suggestion last night when he spoke at the opening event of ARISE, a weekend political festival focused on Labour's left base. He told the audience in central London that when he gets to power, Labour will track down "the rich and corporations" to ensure they pay a fair tax.

Mr McDonnell launched a scathing attack on the methods deployed by the wealthiest in Britain to avoid paying taxes. He said: "On the inheritance issues in our country, on how you use land and property to avoid taxation though law, on the inheritance mechanisms where you put wealth into trusts that prevents you from paying the right estate duties, it is grotesque. "We published a tax enforcement and transparency programme 18 months before the last general election. "It is a simple message. You are going to pay your taxes if you’re rich or if you’re a corporation.

McDonnell railed against the 'grotesque' ways that the rich avoid paying taxes

We'll track down that money in the tax havens, which is where the real magic money tree is John McDonnell

"We'll track down that money in the tax havens, which is where the real magic money tree is, and when we find it we will uproot it and bring it back." He was met with an enthusiastic response from the left-wing crowd. The Labour MP also fired a warning shot to leading figures in the City of London, as he claimed that he would continue to adhere to Karl Marx's Das Kapital even if he gets to power. Mr McDonnell has previously blasted the Government for its own "magic money tree" when Theresa May announced the £20bn Brexit dividend.

McDonnell said the next Labour government will "uproot and bring back" the magic money tree