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LIVERPOOL, Sept. 26 (Xinhua) -- Britain's Shadow Chancellor of the Exchequer John McDonnell Tuesday vowed that a Labor government would introduce a living wage of at least 10 pounds-an-hour (12.96 U.S.dollars).

In a keynote speech at Labor's annual conference in Liverpool, McDonnell said Labor, when elected, would finally end the scourge of poverty that has seen 4 million children in the country living in poverty.

Earning several standing ovations, McDonnell, close ally of party leader Jeremy Corbyn, announced a network of regional investment banks to help boost industry and manufacturing across every part of the country.

He also said Labor would wage war on tax evasion by new tax laws and ending loopholes that allow wealthy business people hiding their money in tax havens.

McDonnell, making a plea for party unity, said Labor had to become a government in waiting, and prepared to fight a general election at any time.

He said Labor had to respect the Brexit vote in the June EU referendum, adding "but that does mean we have to accept what the Conservatives come up with. Our task will be to create a new Europe."

European workers in Britain would have their rights protected along with British workers in Europe.

McDonnell added Labor would not allow the ruling Conservatives to bargain away workers' rights. He said the government's austerity program had devastated many lives and communities across Britain.

Backed by 250 billion pounds of funding, new investment banks would enable the regions of the country to take back control of their own destinies.

"Under Labor everyone will earn enough to live on. We will write into law a real living wage, that at current estimates would be over 10 pounds an hour", said McDonnell, cheered by delegates at what is the traditional working class party of Britain.

Currently the National Living Wage, which came into force in April, is set at 7.20 pounds an hour.

McDonnell also said a Labor government would throw a lifeline to protect industries at risk, such as the steel sector. Labor, he pledged would be an "interventionist government" with a "comprehensive industrial strategy" to invest in Britain's future.

"When we return to government we will implement a comprehensive industrial strategy. After Brexit, we want to see a renaissance in British manufacturing," he said.

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