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General election: McDonnell says it is 'common sense' to relax borrowing rules for £400bn investment - live news General election: McDonnell says it is 'common sense' to relax borrowing rules for £400bn investment - live news
(32 minutes later)
The shadow chancellor follows his Tory counterpart in delivering speech outlining economic vision Chancellor and shadow chancellor deliver speeches outlining their parties’ economic visions
A former BBC Radio Norfolk presenter who said women should “keep their knickers on” while discussing a high-profile rape case has been chosen as the Conservative parliamentary candidate for Broadland in Norfolk, the Press Association reports. Nick Conrad, 34, received the backing of the local party on Wednesday to run for the seat held by Tory Keith Simpson, who has stepped down after 22 years as an MP. Simpson held the constituency at the 2017 election with a majority of 15,816. Here is some more analysis of the Sajid Javid and John McDonnell speeches from economic specialists (journalists and thinktankers).
From Faisal Islam, the BBC’s economics editor
From Paul Johnson, director of the Institute for Fiscal Studies
From Torsten Bell, chief executive of the Resolution Foundation
From the economics professor Jonathan Portes
From Newsnight’s economics editor Ben Chu
From Miatta Fahnbulleh, chief executive of the New Economics Foundation
With the Conservatives and Labour both proposing to increase sustained public spending to a level last seen in the 1970s, it was perhaps appropriate that Sajid Javid, the chancellor, delivering his speech at the Aviation View Park in Manchester below a surviving Concorde - the supersonic passenger jet launched in the 1970s.
Sadly, Concorde turned out to be unsustainable.
These are from Reuters Kylie MacLellan.
The Bank of England has today downgraded its growth forecasts for the UK. My colleague Graeme Wearden has more on his business live blog.
These are from the Institute for Fiscal Studies, the tax and spending thinktank, on the rival Conservative and Labour borrowing plans.
A former BBC Radio Norfolk presenter who said women should “keep their knickers on” while he was discussing a high-profile rape case has been chosen as the Conservative parliamentary candidate for Broadland in Norfolk, the Press Association reports. Nick Conrad, 34, received the backing of the local party on Wednesday to run for the seat held by fellow Tory Keith Simpson, who has stepped down after 22 years as an MP. Simpson held the constituency at the 2017 election with a majority of 15,816.
As the Press Association reports, Conrad was criticised for the comments he made in 2014 during a radio conversation about the footballer Ched Evans, who was jailed for rape before having his conviction quashed and being cleared at a retrial. Conrad said:As the Press Association reports, Conrad was criticised for the comments he made in 2014 during a radio conversation about the footballer Ched Evans, who was jailed for rape before having his conviction quashed and being cleared at a retrial. Conrad said:
This week Conrad told the Eastern Daily Press that he had already apologised for what he said in 2014 and that he was apologising again. He said:This week Conrad told the Eastern Daily Press that he had already apologised for what he said in 2014 and that he was apologising again. He said:
Jess Phillips, who is seeking re-election as a Labour MP, posted this on Twitter in response to the news about Conrad’s selection.Jess Phillips, who is seeking re-election as a Labour MP, posted this on Twitter in response to the news about Conrad’s selection.
Q: Should Jacob Rees-Mogg be forced out as an MP?Q: Should Jacob Rees-Mogg be forced out as an MP?
McDonnell says he and Jeremy Corbyn have been on the silent walks to commemorate the Grenfell Tower fire. He recalls Corbyn embracing survivors. That is what MPs should be doing.McDonnell says he and Jeremy Corbyn have been on the silent walks to commemorate the Grenfell Tower fire. He recalls Corbyn embracing survivors. That is what MPs should be doing.
He says Rees-Mogg’s comments show how Tories patronise the people. They must be removed from office, he says.He says Rees-Mogg’s comments show how Tories patronise the people. They must be removed from office, he says.
And that’s it. The McDonnell Q&A is over.And that’s it. The McDonnell Q&A is over.
I will post more from the Javid and McDonnell speeches and Q&As, with reaction, shortly.I will post more from the Javid and McDonnell speeches and Q&As, with reaction, shortly.
McDonnell is now answering questions from activists at the event.McDonnell is now answering questions from activists at the event.
He says Labour wants to give local authorities the power to control rents. People think that is radical, he says. But it is normal through Europe. And rent controls used to apply in this country too.He says Labour wants to give local authorities the power to control rents. People think that is radical, he says. But it is normal through Europe. And rent controls used to apply in this country too.
Q: Why have Ian Austin and the Jewish Chronicle both decided that the election choice should not be Labour?Q: Why have Ian Austin and the Jewish Chronicle both decided that the election choice should not be Labour?
McDonnell does not refer to Austin by name. But, referring to a “former Labour MP”, he says Austin is now employed by the Tories, and so he speaks on their behalf.McDonnell does not refer to Austin by name. But, referring to a “former Labour MP”, he says Austin is now employed by the Tories, and so he speaks on their behalf.
(That is a reference to Austin being a trade envoy to Israel. Trade envoys are unpaid, but their travel costs are covered by the government.)(That is a reference to Austin being a trade envoy to Israel. Trade envoys are unpaid, but their travel costs are covered by the government.)
On the Jewish Chronicle editorial (see 9.28am), McDonnell says he is saddened by this. He says one antisemite in the party is one too many. But he says Labour has done what the Jewish community has asked for in terms of dealing with this problem.On the Jewish Chronicle editorial (see 9.28am), McDonnell says he is saddened by this. He says one antisemite in the party is one too many. But he says Labour has done what the Jewish community has asked for in terms of dealing with this problem.
But he says anyone concerned about racism should not be supporting the Tories. He says they won’t address Islamophobia in their own party.But he says anyone concerned about racism should not be supporting the Tories. He says they won’t address Islamophobia in their own party.
Q: What impact will the remain alliance pacts have on Labour? And why is Labour not part of that?Q: What impact will the remain alliance pacts have on Labour? And why is Labour not part of that?
McDonnell says Labour is heading for a majority. It does not need pact, he says. McDonnell says Labour is heading for a majority. It does not need a pact, he says.
But he says anyone considering a pact with the Lib Dems should consider their record in support austerity. But he says anyone considering a pact with the Lib Dems should consider their record in supporting austerity.
McDonnell says what he is proposing stands in the best traditions of socialism.McDonnell says what he is proposing stands in the best traditions of socialism.
John McDonnell is now taking questions.John McDonnell is now taking questions.
Lucy Powell, the Labour candidate (not an MP now, because parliament has been dissolved) who is chairing the event, urges activists to be “respectful” when journalists ask questions. (In the past journalists have been booed for asking critical questions at these events.)Lucy Powell, the Labour candidate (not an MP now, because parliament has been dissolved) who is chairing the event, urges activists to be “respectful” when journalists ask questions. (In the past journalists have been booed for asking critical questions at these events.)
Q: What is your response to Sajid Javid’s speech?Q: What is your response to Sajid Javid’s speech?
McDonnell says Javid seems to have become a climate change denier. He has not included this in his letter to the Bank of England.McDonnell says Javid seems to have become a climate change denier. He has not included this in his letter to the Bank of England.
Under Javid’s plans, the UK would not be able to meet its climate change targets, he says.Under Javid’s plans, the UK would not be able to meet its climate change targets, he says.
He says Labour’s plans do match the scale of the climate crisis. If Labour did not step up to the mark, future generations would not forgive it.He says Labour’s plans do match the scale of the climate crisis. If Labour did not step up to the mark, future generations would not forgive it.
Q: Will these plans allow you to increase your target for building homes?Q: Will these plans allow you to increase your target for building homes?
McDonnell says these borrowing plans will allow Labour to meet its housing targets. Details of those will be published in due course, he says.McDonnell says these borrowing plans will allow Labour to meet its housing targets. Details of those will be published in due course, he says.
Q: Does the next Labour deputy leader have to be a woman?Q: Does the next Labour deputy leader have to be a woman?
McDonnell says he is always in favour of a gender balance.McDonnell says he is always in favour of a gender balance.
McDonnell says Labour will exclude investment from its borrowing targets.
McDonnell says the OBR forecasts there were expected to be published today (see 9.05am) would have shown an increase in borrowing.
McDonnell says Labour will build the tidal barrage proposed for the Mersey.
McDonnell says he will also base the Treasury department dealing with the national transformation fund in the north.
McDonnell says decisions about how this money is spent will be taken locally.
McDonnell now explains the components of what he says will be Labour’s national transformation fund.
McDonnell says decision making has to shift out of London.
McDonnell says Labour wants to achieve an “irreversible shift” in power.
This is a reference to an ambition first set out in Labour’s February 1974 manifesto, which promised to “bring about a fundamental and irreversible shift in the balance of power and wealth in favour of working people and their families.”
McDonnell says there is an alternative, contrary to what the Tories claimed in the 1980s. This election is about that alternative, he says.
It is a “once-in-a-generation chance to get back on track, remake this country and transform everyone’s lives for the better.”
McDonnell says the Tory attitude in the 1980s, towards Liverpool and other places, was summed up by the phrase “there is no alternative”.