The shadow chancellor, John McDonnell, has ramped up his attack on the super-rich, describing their wealth as “obscene”, as Labour unveiled research showing one in three billionaires in the UK have made donations to the Tory party.

McDonnell is due to take a swipe at the richest people in the country in a speech on Tuesday and will also set out the tax breaks billionaires have benefited from under successive Conservative governments.

He will claim that the party’s latest analysis showed that 48 of the country’s 151 billionaires have donated to the Tories since 2005 while the government is on course to hand out £100bn in tax breaks and other giveaways by 2023/24.

McDonnell is expected to say that Labour will “rewrite the rules of our economy” at a campaign event in central London.

“Someone on the national minimum wage would have to work 69,000 years to get paid £1bn and a newly qualified nurse would have to wait 50,000 years. No one needs or deserves to have that much money, it is obscene.

“We know whose side Boris Johnson is on – the billionaires, the bankers and big business,” he will say. Read more

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