John McDonnell was forced to take time off work. John McDonnell John Martin McDonnell (born 8 September 1951) is a British Labour Party politician who was appointed the Shadow Chancellor of the Exchequer in September 2015. He has been the Member of Parliament (MP) for Hayes and Harlington since the 1997 general election. He has served as chair of the Socialist Campaign Group in Parliament and the Labour Representation Committee, and was the chair of the Public Services Not Private Profit Group. He is also parliamentary convenor of the Trade Union Co-ordinating Group of eight left-wing trade unions representing over half a
Chancellor of the Exchequer 1947, inadvertently blurted out key details to a newspaper reporter, and they appeared in print before he made his speech. Dalton was forced to resign. Although the Bank of England is responsible for setting interest rates, the chancellor also plays an important part in the monetary policy structure. He sets the inflation target which the Bank must set interest rates to meet. Under the Bank of England Act 1998 the chancellor has the power of appointment of four out of nine members of the Bank's Monetary Policy Committee – the so-called 'external' members. He also has a high level of