JOHN McDONNELL yesterday unveiled Labour’s pledge to invest £400billion to tackle social deprivation and climate change.
The shadow chancellor said he would spend £150billion on schools, hospitals and homes and put £250billion into a green transformation fund.
‘Power is coming home, back to the people,’ Mr McDonnell (pictured) said.
‘That means investment on a scale never seen before in this country and certainly never outside of London and the south-east. It requires an irreversible shift in the centre of gravity in political decision-making, as well as investment, from its location solely in London to the North and regions and nations of our country.’
Mr McDonnell said he would alter fiscal rules so investment cash could be excluded from targets for limiting state borrowing.
Asked if such large-scale borrowing would spook markets and trigger interest rate rises, he said: ‘Our scale of investment matches the scale of those emergencies that we now face, on climate change and socially. If we didn’t set off on that march, future generations would never forgive us.’