John McDonnell attempted to woo small businesses with a speech at the British Chambers of Commerce annual conference in which he pledged to make finance the servant of the economy

A Labour government will champion business by ensuring small companies get the long-term investment and start-up risk capital they need, the shadow chancellor has pledged.

John McDonnell set out the party’s pitch to a sceptical business community yesterday by promising to make finance “the servant of the real economy” and guarantee that companies can always access the credit for growth.

Mr McDonnell, who previously pledged to foment “the overthrow of capitalism” and brandished Mao’s Little Red Book at George Osborne in the Commons chamber, received warm applause after his conciliatory speech at the British Chambers of Commerce annual conference in London.

He only mentioned Labour’s plans to nationalise the Royal Mail and parts of the rail, water and energy industries in passing as he argued