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Parliament could move around Britain to stop the regions being ignored, John McDonnell said today.

The Shadow Chancellor declared a host of bodies must leave the capital to halt inequality that fuelled the Brexit vote.

He unveiled a report for Labour saying the party should move some Bank of England functions to Birmingham, and review its mandate.

The report also proposed putting the party’s £250billion National Investment Bank and Strategic Investment Board next-door.

The Bank of England’s London HQ at Threadneedle Street, where it has been for 283 years, could even shut altogether after Mr McDonnell did not rule the prospect out.

Asked if Parliament - which is seeking a new home when it shuts for a major revamp - should leave the capital, Mr McDonnell joked: “That’s slightly beyond my remit.”

But he added: “There’s an argument put forward for ensuring that certainly Cabinet, and maybe sessions of Parliament, could be held elsewhere.

(Image: REX/Shutterstock)

“I know Jeremy [Corbyn] has been talking about holding shadow cabinet meetings around the country on a regular basis.”

He added: “There is a view that decision-making located in Whitehall, Westminster and the City, and that includes the Bank of England, results often in a distortion of the economic policy direction - not taking into account the real needs of the regions and nations of our country.

“And to some extent, that may well have contributed towards the Brexit vote as well.

“So this gives us an opportunity now, looking afresh at the institutional framework but also the institutional location to see whether or not we can address some of the imbalances in the decision-making that’s taken place in the past.”

Mr McDonnell joked he’d “not bought shares in any property” in Birmingham as he launched the report by consultancy firm GFC Economics.

The 110-page tome said moving financial bodies to Birmingham would halt “the dominance of London”, where employment has risen 26% in a decade compared to just 4.2% in Wales.

It also suggested establishing new Bank of England offices in Cardiff, Glasgow, Belfast, Newcastle and Plymouth.

The report said the Bank’s mandate of ensuring 2% inflation “may be out of date” and could be widened to include wages, productivity and investment.

Asked how much of the Bank would move, including if it would keep its Threadneedle Street HQ, Mr McDonnell said: “That will be subject to a further report.

“We will be bringing that forward in the new year for further consultation and discussion, and obviously discussions with [Bank governor] Mark Carney as well.”

The report warned Britain was lagging behind in developing robots - despite also admitting those robots could put “downward pressure on wages”.

Deputy Labour leader Tom Watson called on Brits to “embrace an android”, saying “robots can set us free” if they are properly regulated.