Labour has a “fight on its hands” to win back economic credibility , shadow chancellor John McDonnell has admitted.
In a speech to the London School of Economics on Tuesday evening, McDonnell said Labour needed to move “away from the image of a party which thinks only about how much it can spend, to a party that is focused on how we earn”.
“We need to begin by underlining our commitment to bringing the government’s day-to-day spending into balance. We know the importance of borrowing for investment, which lays the foundations for future economic prosperity,” he said.
“Few things are more urgent than delivering the infrastructure our economy is crying out for, infrastructure which pays for itself by expanding economic activity and raising tax revenues.
Invoking Ritchie’s magic money tree doesn’t really reek of economic credibility.