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General election 2019: Labour promise billions for public services | |
(about 1 hour later) | |
Labour has promised "investment on a scale never seen before" to overhaul infrastructure in all areas of the UK. | |
Shadow Chancellor John McDonnell says he wants to transfer power and money out of the south-east of England - and will fund his plans through borrowing. | |
The Tories have also vowed to borrow to fund more spending, rewriting their current financial rules. | |
Chancellor Sajid Javid denied copying Labour's plans, saying he would practice "sensible stewardship". | |
Both parties say they want to take advantage of historically low interest rates to spend more on transport, hospitals and other infrastructure projects. | |
They are locked in a battle for votes in the Midlands and north of England in swing seats that could decide who forms the next government on 12 December. | |
Both parties are also promising to shift power and control of spending out of London - but they have different ideas about how to do that. | |
Speaking in Liverpool, Mr McDonnell promised to set up a Treasury unit in the north of England. | |
The Conservatives have promised to give the north of England more control over its railways, greater powers for some elected mayors and a new economic development body. | |
Analysis | |
BBC business correspondent Simon Gompertz | |
Today we see a slanging match between the Conservative and Labour candidates for chancellor. | |
Each sees the other's plans for public spending as irresponsible. | |
But what is interesting is where the similarities are. | |
They now agree that this era of unusually low interest rates provides an opportunity to borrow to invest. | |
Both will push up the national debt. | |
Both argue that stepping up investment now will make the UK more productive later on. | |
The question, as ever, is how much will they borrow and how much debt they think the UK can support. | |
Labour is adding a cool £150bn to its investment plans over five years, a very big sum. | |
John McDonnell believes by spending on schools, hospitals and other infrastructure he would create a virtuous circle, a bigger economy which could afford the debt. | |
Sajid Javid would replace the Tories' self-imposed limits on borrowing with less stringent rules, including the promise that annual investment in projects like road and rail would not exceed 3% of national output. | |
He says the difference between his and Labour's plans is "like night and day" but, however they differ, debt looks set to rise. | |
At the 2017 general election, Labour announced plans to set up a national transformation fund to overhaul the UK's transport links and infrastructure. | At the 2017 general election, Labour announced plans to set up a national transformation fund to overhaul the UK's transport links and infrastructure. |
This includes a social transformation fund, which Mr McDonnell said would now get an extra £100bn, providing a £150bn pot to be spent over the next five years. | This includes a social transformation fund, which Mr McDonnell said would now get an extra £100bn, providing a £150bn pot to be spent over the next five years. |
The fund will be used to "upgrade and expand our schools, hospitals, care homes and council houses", he will say in his speech. | The fund will be used to "upgrade and expand our schools, hospitals, care homes and council houses", he will say in his speech. |
A further £250bn of investment will be spent across the country through the Green Transformation Fund. | A further £250bn of investment will be spent across the country through the Green Transformation Fund. |
Mr McDonnell and Labour leader Jeremy Corbyn will also use their trip to north-west England to unveil Labour's campaign bus, with the election message: "It's time for real change." | Mr McDonnell and Labour leader Jeremy Corbyn will also use their trip to north-west England to unveil Labour's campaign bus, with the election message: "It's time for real change." |
Mr Corbyn plans to host a rally in Manchester in the evening and will travel on the bus as the party targets "dozens" of marginal constituencies in the coming five weeks. | Mr Corbyn plans to host a rally in Manchester in the evening and will travel on the bus as the party targets "dozens" of marginal constituencies in the coming five weeks. |
Former MP's criticisms | Former MP's criticisms |
Ahead of both speeches, the Express and Star newspaper revealed that former Labour MP Ian Austin would be standing down at the election, expressing his criticism of the Labour leadership and calling on voters to back Prime Minister Boris Johnson in the poll. | Ahead of both speeches, the Express and Star newspaper revealed that former Labour MP Ian Austin would be standing down at the election, expressing his criticism of the Labour leadership and calling on voters to back Prime Minister Boris Johnson in the poll. |
Speaking on BBC Radio 4's Today programme, Mr Austin said that after 34 years in the Labour Party, it "has really come to something when I tell traditional Labour voters they should be voting for Boris Johnson at this election". | Speaking on BBC Radio 4's Today programme, Mr Austin said that after 34 years in the Labour Party, it "has really come to something when I tell traditional Labour voters they should be voting for Boris Johnson at this election". |
His comments follow deputy leader Tom Watson's decision to stand down from his role, citing "personal, not political" reasons. | His comments follow deputy leader Tom Watson's decision to stand down from his role, citing "personal, not political" reasons. |
However Mr Austin, the former MP for Dudley North who resigned from the party in February, suggested otherwise, saying: "If Tom thought that Jeremy Corbyn was fit to lead our country and fit to form a government, then he would have been in that cabinet. Would he really be standing down?" | However Mr Austin, the former MP for Dudley North who resigned from the party in February, suggested otherwise, saying: "If Tom thought that Jeremy Corbyn was fit to lead our country and fit to form a government, then he would have been in that cabinet. Would he really be standing down?" |
In response, Rebecca Long-Bailey told Today it was "pretty clear" that Mr Austin "doesn't like Jeremy", and had disagreed with him over policy. | In response, Rebecca Long-Bailey told Today it was "pretty clear" that Mr Austin "doesn't like Jeremy", and had disagreed with him over policy. |
"But certainly, voting for Boris Johnson, if you're a Labour voter and you want to protect your community - it's absolutely absurd and it makes no sense at all," she added. | "But certainly, voting for Boris Johnson, if you're a Labour voter and you want to protect your community - it's absolutely absurd and it makes no sense at all," she added. |
What question do you have about the general election? | What question do you have about the general election? |
In some cases your question will be published, displaying your name, location and age as you provide it, unless you state otherwise. Your contact details will never be published. Please ensure you have read the terms and conditions. | In some cases your question will be published, displaying your name, location and age as you provide it, unless you state otherwise. Your contact details will never be published. Please ensure you have read the terms and conditions. |
Use this form to ask your question or get in touch using #BBCYourQuestions: | Use this form to ask your question or get in touch using #BBCYourQuestions: |