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.