Thursday 18 July 2019 / 3:49 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.”



Notes to Editors

New Economics Foundation’s report “Changing the fiscal rules” can be found at

Labour’s Fiscal Credibility Rule separates day-to-day spending from investment spending

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