John McDonnell offers an ambitious alternative economic policy

By BAGEHOT

SO FAR the Labour Party’s annual conference has very much been John McDonnell’s. The shadow chancellor not only delivered today’s keynote address in the main hall. He’s been ubiquitous in the media and on the fringe. This is as it should be. Mr McDonnell has provided the Labour Party with the closest thing that it has to a radical new idea: forcing companies to give their workers shares worth perhaps 10% of the total.