Thursday 18 July 2019 / 4:37 PM Economy / John McDonnell

HMG would rather sacrifice the planet than concede their failure – McDonnell responds to NEF report

John McDonnell MP, Labour’s Shadow Chancellor, commenting on the New Economics Foundation’s report Changing the fiscal rules, said:

 

“This tottering failure of a Government would rather sacrifice the future of our planet than concede the failure of their approach.

 

“Facing this climate emergency we need to mobilise every source of long-term funding which exists.

 

“Labour’s Green Industrial Revolution will be backed by large-scale public investment and a new network of public regional development banks.”

 

Ends

 

Notes to Editors

 

New Economics Foundation’s report “Changing the fiscal rules” can be found at https://neweconomics.org/2019/07/changing-the-fiscal-rules

Labour’s Fiscal Credibility Rule separates day-to-day spending from investment spending https://www.bbc.co.uk/news/business-35780703

John McDonnell recently outlined proposals for funding the green transition, including a £250bn National Transformation Fund, £250bn of lending through a network of regional development banks, and a Sustainable Investment Board to oversee how the Bank of England guides private credit towards sustainable investment and away from polluting projects https://labour.org.uk/press/john-mcdonnell-speech-economy-labours-plans-sustainable-investment