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McDonnell's Public Investment Proposals 'Sound Economics' - Cortes

7 November 2019

TSSA General Secretary, Manuel Cortes, has welcomed John McDonnell's pledge of £150bn for schools, hospitals and housing, describing it as "sound economics" in line with mainstream thinking.

The pledges come on top of existing spending plans to be paid for through borrowing, leading to what the Shadow Chancellor describes as an "irreversible shift" of power and investment to working people outside the south-east of England.

Speaking in Liverpool, McDonnell said the promises amounted to "investment on a scale never seen before in this country, and certainly never seen before in the north and outside of London and the south east".

Commenting, Cortes said: “I’m absolutely delighted our Shadow Chancellor, John McDonnell, is promising that for the first five years of a Labour government we will invest just under 3 per cent of our Gross Domestic Product year-on-year.

“This is wonderful news as it allows us to renew our infrastructure, it will help reduce economic inequality between the North and the South and give a badly needed boost to our efforts to deal with the climate emergency.

“It's also sound economics as no mainstream economist will bat an eyelid as investing 3 per cent of our GDP to renew infrastructure is good practice and will aid productivity.

“All of this shows that Labour is deadly serious about transforming our country for the many not the few. What we have heard from John today will undoubtedly improve the lives of millions of working people for years to come.

“A Labour Government can’t come soon enough.”

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