What is really going on in politics? Get our daily email briefing straight to your inbox Sign up Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

Labour's John McDonnell has launched a withering attack on his new Tory opponent, branding Sajid Javid “The Banker’s Chancellor”.

Shadow Chancellor Mr McDonnell also labelled Boris Johnson ’s new right-hand man a “true Thatcherite”.

He said: “Boris Johnson’s appointment of Sajid Javid as Chancellor is one straight from the Thatcherite playbook of the 1980s.

“Sajid Javid is the Chancellor for bankers, a true Thatcherite and a big City politician representing the corporate elite.”

(Image: WPA Pool)

Mr McDonald highlighted Mr Javid’s 19 years as an investment banker.

Between May 2005 and October 2006, Mr Javid was global head of Deutsche Bank’s emerging markets structuring group.

Deutsche Bank was the fourth-biggest player in collateralised debt obligations.

These CDOs were branded “financial weapons of mass destruction” that helped cause the 2008 crash.

In August 2006, Mr Javid was quoted as saying “as long as investors understand the risk/rewards of an emerging market CDO, they are very appropriate.”

Mr McDonald told the Mirror: “Boris Johnson’s new Chancellor not only supports the deregulation of finance that has turned the City into a multi-million-pound casino, but was implicated in selling some of the riskiest financial instruments in the lead up to the 2008 crash.”

He also referred to a number of big money City donors who had backed Mr Javid.

“Johnson’s appointment of Javid shows that the Tories haven’t learned the lessons of the 1980s, let alone the last near decade of Tory austerity,” said Mr McDonald.