Latest! McDonnell vows ‘responsible’ rules to control Labour spending

A future Labour government would command public spending through a “financial credibility” lock, shadow chancellor John McDonnell has said.

“There isn’t anything left wing about excessive spending, nothing socialist about an excessive amount of debt”, he said.

The Tories said Labour had a history of borrowing and spending an excessive amount.

The BBC’s economics editor Kamal Ahmed said it was a major effort to reposition Labour as a party of financial obligation, although there will probably be questions about the way that it’ll be applied and what it means for the policies of Labour in other areas, like tax.

The shadow chancellor said it was an “astonishing turn around” from Mr Osborne’s more positive evaluation of the united kingdom ‘s economic prospects during the time of November’s Spending Review and the chancellor was now having to “declare shamefaced” the prognosis wasn’t so rosy.

Labour is to show it might be trusted after its election defeat, that has been widely attributed on its failure to convince the people it had a strategy to control public spending and borrowing, increase growth and increase living standards on the market.