Labour will begin nationalisation within 100 days
John McDonnell: power to the people (pic: Terry Murden)
Labour will kickstart its plan to nationalise swathes of British industry within the first 100 days of taking the keys to Downing Street, it will say today.
Shadow Chancellor John McDonnell will lay out the main priorities for the first few weeks of a Labour government, which will include a Budget to end austerity, and unleashing its green revolution.
McDonnell will say that the first priority for the Treasury under Labour will be ending the Conservatives’ programme of cuts to public spending and social security.
On the second priority, McDonnell will speak about the urgency of getting money moving out of Whitehall and the City by setting up new institutions, including a National Transformation Unit, established before Christmas.
It will start work on setting up a new National Investment Bank, regional development banks and Post Bank. As part of Labour’s Green “Industrial Revolution” these new institutions will deliver finance from the City to the high street.
Labour will also get kick off negotiations for a new Brexit deal “for working people”, and simultaneous plans for a public vote to give the people the final say.
The Tories, meanwhile, will target northern seats and accuse Labour of letting down their demand to leave the European Union.
Announcing the urgent start of Labour’s public ownership programme and the establishment of ‘People’s Assemblies’, McDonnell will say: “You rely on and work in these services, you know them.
“But you’ve been ripped off and shut out from how they’re run, to protect vested interests and profits for the wealthy.When we win power it will be to give it to you.”
The first industry targeted for public ownership is water – already publicly owned in Scotland.
Mr Johnson will take the Tory message to four Brexit-voting Labour-held seats.
In a speech in Sunderland, where 61% voted to Leave ,the PM is expected to tell voters: “The Labour party has let you down.”
He will attack Parliament, saying it has “delayed” and “denied” Brexit.
Mr Johnson will also travel to south-west England, where he will warn against voting for the pro-EU Lib Dems.
The Liberal Democrats will table legislation to stop Brexit immediately after the election by introducing two draft bills they say would pave the way for another EU referendum.