Labour will be on an election footing this autumn, with a well thought out strategy ready for financial reform, the Shadow Chancellor told Labour in the City’s summer reception.

“Anything can happen,” said John McDonnell, referring to the imminent appointment of a new Prime Minister. He urged financial institutions to work with him to develop plans that will work effectively to reform the economy.

The Shadow Chancellor and Jonathan Reynolds, the Shadow City Minister, were key guests at a reception attended by more than 80 Labour in the City members drawn from finance and related industries.

Sophia Morrell, Labour in the City’s chair, introduced McDonnell as “the next Chancellor but one”, acknowledging that Philip Hammond will, unfortunately, be succeeded by another Conservative once the Tories choose a new leader before Labour gets a chance to win a general election.

McDonnell pledged that a Labour Government will fight for a green industrial revolution, adding that his priority was to ensure maximum visibility of the party’s plans – “we don’t want anybody to be surprised”.

He is continuing his programme of outreach in the City – described by the Financial Times as his “cup of tea offensive” but quipped that the offering was now enhanced: “Biscuits are available, too. Austerity is over.”

Members were told that Labour will campaign against a “no deal” Brexit this year and in favour of a further referendum, in order to put the European issue back to the people.

Our sincere thanks to the Association of British Insurers for hosting this summer’s reception.

John McDonnell, Sophia Morrell & Jonny Reynolds