Labour Party conference live: John McDonnell vows tax drive against Starbucks, Amazon, Google and other multinationals

The Labour party is meeting for its annual conference in Brighton

John McDonnell in Brighton on Saturday for the Labour Party conference (PA)

Labour's new shadow Chancellor John McDonnell has promised a review of all tax policies in the UK at the party's conference in Brighton.

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Speaking on Monday morning, Mr McDonnell also announced that he wanted to review the remit of the Bank of England.

He insisted he did not want to take back government control of the Bank, but was critical of its record on inflation.

He dismissed as "fantasy" Conservative claims that he was planning "damaging tax rises on jobs, investment and earnings", insisting Labour's focus was on growing the economy, making sure corporations paid their taxes and halting Tory tax cuts for the rich.

The review being launched in his first major speech as shadow chancellor, at Labour's Brighton conference, will draw on all strands of opinion among the party's MPs and members, he said. And the general public will be invited to have their say.

Mr McDonnell predicted "heavy debates" and "dissent" as new policies are drawn up, but insisted that this would not mean the party was split, warning: "Don't confuse democracy with disunity."