John McDonnell says Labour will BORROW £100BILLION to fund manufacturing and BAN fracking
JOHN MCDONNELL has pledged to borrow £100BILLION in to the long-term investment and the “prosperity of the future” for a successful post-Brexit Britain.
John McDonnell said Labour will borrow £10billion
The shadow chancellor's ambitious plans are likely to raise eyebrows among critics who say Labour should not be borrowing to get the nation out of its economic woes.
However Mr McDonnell insisted the cash would be used to invest in the country’s infrastructure, skills and to spur on economic growth by working with entrepreneurs.
He said: ”We are setting up a national investment banks, we are putting into that bank £100 billion, which will be borrowed but it will be borrowed at the cheapest rates in our history."
Mr McDonnell set out his plans for a successful post-Brexit economy at the Labour Conference, which includes a manufacturing “renaissance”.
Labour also announced that it would ban fracking if it won the next General Election.
John McDonnell on the second day of the party conference
Shadow Chancellor John McDonnell's magic mace moment
We are setting up a national investment banks, we are putting into that bank £100 billion, which will be borrowed but it will be borrowed at the cheapest rates in our history
The Labour Party Conference will be held in Liverpool until September 28, today, Monday, the shadow Foreign and Brexit Secretary Emily Thornberry will be speaking as well as Shadow Defence Secretary Clive Lewis and Shadow Chancellor John McDonnell.
Mr McDonnell promised to work with the “wealth creators in the private sector” and invest in the long term.
He said: “We think we can get the economy growing very quickly and it will then pay for itself.”.
Jeremy Corbyn has suggested some Labour MPs could be deselected by party activists ahead of the next general election.
Corbyn and McDonnell hug following the Labour leader's victory
John McDonnell has outlined his Brexit programme
Certain allies of Mr Corbyn have called for MPs who were disloyal toward the re-elected leader to be replaced.
When Mr Corbyn was asked about the reselection of MPs, he said: “Let’s have a democratic discussion and I think the vast majority of MPs will have no problem whatsoever.”
Close ally of Mr Corbyn, Ken Livingstone, has said that “backstabbing” MPs who tried to oust him should be prepared to be kicked out of their seat.
Mr Livingstone said: “MPs have had the right to challenge Jeremy, why can’t they be challenged to reselection in the run up to the next election?”