John McDonnell said his pledge would lay the foundations of a new economic model for British prosperity under Labour [Image: Daniel Leal-Olivas/PA].

John McDonnell said his pledge would lay the foundations of a new economic model for British prosperity under Labour [Image: Daniel Leal-Olivas/PA].

This Writer trusts John McDonnell far more than Slick Owen Smith.

Mr Smith wants to give the UK another ‘New Deal’ – stealing a page straight out of Tony Blair’s playbook. But he says he isn’t a Blairite and is desperate to persuade people that he’s a leftie.

Somehow, I don’t think that’s going to work – especially not with an idea, and a sum of money, plucked out of the air.

Mr McDonnell’s plan is based on a solid, working scheme that has served Germany very well.

And in politics, the best strategy is always to do what works.

John McDonnell has pledged that Labour will mobilise £500bn of investment and lending from the creation of a new national investment bank to help the UK economy recover post-Brexit – with £350bn coming directly from the public purse.

The shadow chancellor also promised to build a network of regional banks, inspired by Germany’s government-owned development bank, which he said could “rescue Britain’s communities from decay and rebuild Britain’s industries after years of neglect”.

Speaking in Sunderland, the Labour heartland that delivered a resounding vote for Brexit, McDonnell said his pledge would lay the foundations of a new economic model for British prosperity under the party.

“Today I am making a firm pledge: on coming to power, Labour will set up a national investment bank, and a network of regional banks whose aim is to help mobilise £500bn into the economy and transform Britain,” McDonnell, a key ally of Jeremy Corbyn, said.

One of Corbyn’s rivals for the Labour leadership, Owen Smith, launched his campaign over the weekend with his own spending pledge, a £200bn infrastructure investment package which he termed “Britain’s New Deal”.

However, McDonnell said the UK’s infrastructure requirements over the next decade or more come to £500bn of additional spending.

Source: Labour pledges national investment bank to mobilise £500bn | Politics | The Guardian

ADVERT




Join the Vox Political Facebook page.

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Buy Vox Political books so we can continue
fighting for the facts.

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook