Professor Joseph Stiglitz, a member of Labour’s Economic Advisory Council, speaking after taking part in the New Economics lecture series today at Birkbeck University alongside John McDonnell MP, said:

“Inequality is bad for business, bad for the economy, bad for our democracies,  and bad for society.

“Over the last 30 years almost all OECD countries have seen increased inequality and things cannot  go on like this.

“Inequality is a  political choice, not an economic necessity.

“I look forward to working with John McDonnell and the other economists on his Advisory Council to help him re-write the rules of the market economy so that we can achieve shared prosperity.”

John McDonnell MP, Labour’s Shadow Chancellor speaking afterwards, added:

"It’s been an honour to have Professor Stiglitz as a member of our Economic Advisory Council, and also to take part in our ‘New Economics’ lecture series.

"The experience he offers the Labour party not only as a Nobel Prize winning economist, but someone who has advised successive US Presidents and global economic institutions like the Wold Bank, is something that is invaluable.

"I look forward to working with Joseph over the coming years while formulating Labour’s economic policy.”

Ends