McDonnell is Chancellor.

Here are some of his economic views from an article in 2012:

In the first week of a Labour Government democratic control of the major economic decisions would be restored by ending the Bank of England’s control over interest rates and bringing the nationalised and subsidised banks under direct control to force them to lend and invest their resources to modernise our economy and put people back to work.

So instead of having the monetary policy committee, made up of 9 expert economists and with the benefits of central bank independence, set interest rates, we'll have them set by John fucking McDonnell instead. Great.

To bring a halt to the frenetic, madcap speculation in the City, the Government would introduce a financial transaction tax, raising funds to be ploughed into creating the infrastructure which a modern, sustainable economy requires. If the City resists then let’s make it clear that capital controls would follow.

Capital controls! Brilliant. That won't damage investment at all.

We will free up these resources with a new budget in the first month of a Labour Government that introduces a wealth tax on the richest 10%, a land value tax, and a restored system of progressive income tax with a 60% level on incomes above £100,000 and 70% on incomes above £1 million. And also we will clamp down hard on the tax evasion and avoidance that is costing us £95 billion a year.

Because Hollande's 75% tax went so well?

We will end all privatisation, including in the NHS, and start the process of bringing our public services back into public ownership by renationalising our railways, with immediate price controls over energy prices and rail and bus fares.

Start the process? How much is he planning to renationalise?

We also have him saying that he wants to renationalise things without compensation:

if any of these assets are sold by Osborne under their value, a future Corbyn-led Labour government will reserve the right to bring them back into public ownership with either no compensation or with any undervaluation deducted from any compensation for renationalisation.

To be clear, I know Corbyn won't adopt all these policies. But the fact that Corbyn has appointed this man as Chancellor signals that he does not give a shit about economic credibility.

He also said of the IRA:

"It's about time we started honouring those people involved in the armed struggle.

"It was the bombs and bullets and sacrifice made by the likes of Bobby Sands that brought Britain to the negotiating table."