Shadow Chancellor John McDonnell has outlined his case for a \u201cnew economics\u201d ahead of next week\u2019s Spending Review.<\/p>\n
Mr McDonnell, who was something of a controversial choice for the Treasury brief, has said that Labour\u2019s proposals would lay the ground for a \u201chigh-wage productive economy\u201d.<\/p>\n
His flagship policy would be to extend existing employment rights to cover the self-employed and those who work flexible hours.<\/p>\n
Mr McDonnell has also argued in favour of reforming corporate tax \u2013 having been extremely critical of Mr Osborne\u2019s plans to further cut the current rate.<\/p>\n
\u201cOur large companies are sitting on billions in cash,\u201d he said.<\/p>\n
\u201cSo we will also look to ways to change our corporate tax system and work constructively with companies to give them the incentives to invest wisely.\u201d<\/p>\n
His \u201csocialism with an iPad\u201d pitch also makes the case that the UK must do more to recognise the massive influence that new technology has had on the economy, both nationally and overseas.<\/p>\n
\u201cAs the world changes, the way we work changes with it,\u201d he told the Guardian. \u201cDramatic shifts in technology are opening up new possibilities. The UK needs to diversify \u2013 to become the technological as well as the financial centre of Europe.<\/p>\n
\u201cThe spread of information technology and the long-term decline in the cost of computing power have created opportunities that simply did not exist before.\u201d<\/p>\n
Mr McDonnell\u2019s rhetoric has previously been branded \u201canti-business\u201d by his opponents and some within his own party have urged him to exercise caution on economic policy.<\/p>\n
He may, however, take some comfort in today\u2019s deficit figures, which are likely to come as a major blow to Mr Osborne\u2019s much-vaunted \u201clong-term economic plan.\u201d<\/p>\n
It now remains to be seen how the Chancellor will respond to the setback when he steps up to the despatch box next Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shadow Chancellor John McDonnell has outlined his case for a \u201cnew economics\u201d ahead of next week\u2019s Spending Review.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1073"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1073"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1073\/revisions"}],"predecessor-version":[{"id":1074,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1073\/revisions\/1074"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}