Last night, MPs voted to revive the legislation giving City businesses a greater say, at the expense of individuals, in the election of candidates to the square mile local authority.
A group of Labour MPs tried unsuccessfully to get the Bill scrapped, but McDonnell vowed to fight on despite the decision to revive the legislation.
Speaking in a City of London debate in Commons, he said: ‘Many of the companies implicated in laundering terrorist funds via the City of London’s financial institutions will gain a vote in the running of the City Corporation.’
Other Labour MPs supported McDonnell’s stance. Jeremy Corbyn, MP of Islington North said it would ‘increase the autocracy of business’, while Bill Etherington, MP for Sunderland, called it ‘an affront to democracy’ and said it should be thrown out’.
But Tory MP for North West Hampshire Sir George Young, while acknowledging the Bill did not have the support of everyone, said it did have ‘cross party support’.
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