Shadow chancellor John McDonnell has set out plans to borrow £100 billion
to support industry, as he unveiled Labour’s plan to create a post-Brexit
“manufacturing renaissance” in the UK.
Mr McDonnell was telling the party’s conference in Liverpool that Labour
will offer an “interventionist government” ready to protect key home-grown
businesses against global market pressures.
He will accuse the Conservative Government of failing to act swiftly to
defend the steel industry from cheap imports and undermining Britain’s
industrial potential by cutting investment in scientific research and
subsidies for renewable energy.
SNIP
Britain needs to capitalise on its heritage of scientific research and
engineering expertise, natural resources which could make it a world-leader
in renewables, and the talent and ambition available in all parts of the
country, he will say.
Describing how the proposed bank would invest in infrastructure and skills
training, Mr McDonnell told BBC1’s Breakfast: “I’ve been meeting with the
CBI, the Institute of Directors, the Federation of Small Businesses, the
Chambers of Commerce, and we are all on the same page.
“You need government working with the private sector hand in hand, looking
at where investment’s needed – particularly in research and development –
and then you develop the products and the markets that enable us to compete
effectively with our European and other global competitors.
“I think that’s the modern way of how you do business in government.”
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