John McDonnell has announced policy plans for the next Labour government – and they’re good

John McDonnell giving his speech on next week’s budget at the Southbank Centre in London this morning [Image: Justin Tallis/AFP/Getty Images].

Shadow Chancellor John McDonnell took the opportunity presented by his pre-Budget speech to present a blueprint for the next Labour government’s economic policies to the public.

He said the aim was to reverse years of under-investment, restore the economy to health and bring prosperity back to the millions – not just the elite.

But you’ll already know that as it has been thoroughly reported in the mainstream media – on TV, radio and in the press. Right?

Right?

No. I thought not.

Okay – we’ll do it here. The following are extracts from Mr McDonnell’s speech.

NHS

“Labour will never break from the fundamental principle that our National Health Service should be free at the point of use. And we will reverse Tory privatisation, by renationalising the NHS.

“We must show those expected to pay for the NHS that their tax money is well-spent. Hypothecation – allocating taxes raised to specific purposes, can make absolutely clear where tax money is being spent.

“It can help restore the trust and confidence in taxation and government spending that has otherwise started to break down.”

Economy

He said: “Our Fiscal Credibility Rule and commitment to invest means the next Labour government will break with the failures of the past.

“We will bring down the deficit whilst committing real government resources to increase investment.

By the end of the next Labour government, the national debt, relative to trend GDP, will be lower than what we will inherit.

“We’ll reverse years of underinvestment across the whole country… We’ll introduce legislation to correct the bias in investment funding for the regions.”

Tax

There’ll be no place to hide for tax avoiders under Labour. Our Tax Transparency and Enforcement Programme will clamp down on the worst avoiders.

“And building on the successful Nordic model, we’ll introduce legislation to make public the tax returns of those earning over £1m. This will help restore public trust in the tax system – and help clamp down on any avoidance”

Housing

He said: “Labour is committed to delivering one million new houses, and building a new generation of council housing.”

Investment

“Alongside the National Investment Bank, the next Labour government will create a network of regional development banks that will supply the funding needed on the ground for local businesses to flourish.”

Railways

The railways will be renationalised by Labour.”

Industry

“We’ll… introduce a “Right to Own” for workers, giving them first refusal on taking control of companies undergoing a change of ownership.

“We’ll support investment by manufacturing firms by removing plant and machinery from business rates.

“And we’ll reform corporate governance laws to block raiders trashing profitable companies and bankrupting pension funds.

“We want our large corporations to work for the public good – not against it. So we’ll also introduce a fair pay ratio to stop top bosses paying themselves excessively.

“We’ll use the power of government procurement, backed up by the National Investment Bank, to deliver a massive expansion of industries like renewables where the global potential is enormous and our natural resources so significant.”

Pay and benefits

“The public sector pay cap will be lifted.

“We’ll repeal the Trade Union Act.

“And of course we’ll halt the austerity cuts to in-work benefits and payments to people with disabilities.”

Energy

“The next Labour government will break the cartel of the Big 6 energy suppliers, creating the conditions for local, decentralised, low-carbon energy by supporting local authorities and co-operatives.”

Science

“We’ll target 3% of GDP spent on scientific research, from all sources, to deliver on the huge potential of our scientific research base.”

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18 thoughts on “John McDonnell has announced policy plans for the next Labour government – and they’re good

  1. Dez

    Sounds like a plan……quite a few of the ideas the Cons will never pinch that’s for sure.

  2. Dave Rowlands

    And who is listening to all this? Who is being informed of this? The first place I heard about it was here.

    1. Mike Sivier Post author

      So you have been informed of it, then.
      I published it here so people would learn about it.
      Bear in mind that I’ve been saying the mainstream media aren’t reporting the news and people have to come to the social media instead.
      Have you shared the article?

  3. James Kemp

    As a long time Labour supporter this all sounds great but pointless. until we kick out all the right wingers that think they can play the same silly games like with Millaband!

    Nothing will change and i am getting vexed paying good money to a so called Labour party, that is not democratic or currently fit for any purpose!

  4. Jacqui

    I fully support the above policies. Can we also look at drug laws because they are ridiculous and make criminals of users who are actually victims. It is a health issue, not a criminal one. We also need to address the issue of cannabis users,
    this substance is prevalent among young people and we have no treatment currently.
    Also, invest in mental health treatment and ensure the professionals actually care about the clients they treat.
    Can we look at why so many young people are depressed and anxious, actually so are a lot of adults.

    1. John

      So you didn’t see one of the Lab hustings in 2015? where Corbyn stated that he would legalise cannabis for medicinal use?

  5. Parichoy Gupta

    Encouraging future for England, what about Scotland and Wales? Without the economics of a federal Britain, the programme is not just incomplete but a non-starter.

  6. Chris farrall

    The only way any of this will be achieved is y either massively increasing borrowing or taxes. And, as far as I’m aware the NHS has never been “nationalised” so can’t be renationalised

    1. Mike Sivier Post author

      The NHS was always a service funded from the public purse and run in a non-profit way by the government, until Andrew Lansley brought in private health companies in 2012. We are currently facing creeping privatisation and need to rationalise the lot. You may wish to quibble about private cleaners and the like, but that is of course a very poor argument for obvious reasons.

  7. Graham Leonard King

    At last a plan that can be offered to the nation. Now we need a strong team to deliver the policy to the public, forcibly and believably. Let’s start turning the corner.

  8. Rob Doughty

    Can’t see much wrong with these policies. Personally I would bring in fines for corporate tax evasion and aggressive tax avoidance which punish with *extreme* prejudice. A minimum fine of 10 times the amount of tax due, on top of the tax itself, levied against the Financial Director, Chief Accountant, CEO and Chair of the Board, might concentrate their minds on getting their tax affairs in order.

  9. Pension60

    Excellent and just as good and do-able as Attlee who began the welfare state and NHS yet paid off half of the 200 per cent national debt leftover from the second world war, within one parliament.

    WHERE ARE THE PENSIONER POLICIES?
    New Labour lost 75 per cent of the pensioner vote in 2015.
    Attlee kept on paying women’s state pension at age 60 reduced from 65 in 1940.
    In 1992 there was a 300,000 signature petition to equalise state pension at 60 for men and women. This year there was a 500,000 signature petition to reduce women’s pension age from 66 back to 60. This especially helps working class men, the Labour voter. Jeremy Corbyn has stated policy for manual workers to get works pensions at age 55 like firemen, police, paramedics, army, but not every low waged worker can access a works pensions due to the minimum salary threshold to qualify.

    Get back the 75 per cent lost pensioner vote by signing a petition to get state pension at 60 for men and women, and them alike to get the same £18,000 per year state pension regardless of National Insurance record for all pensioner ages from 60 to 100 plus. Please sign and share with your family and friends to sign:
    https://you.38degrees.org.uk/petitions/citizen-state-pension-same-money-for-all-age-60-men-and-women

Comments are closed.