A Labour government would shift a “powerful section of the Treasury” out of London to the north of England, John McDonnell will say today.
Speaking in his home city of Liverpool, the shadow chancellor will detail plans to move the “centre of the gravity in political decision-making and investment” out of the capital.
In his first major speech of the election, McDonnell will confirm a portion of the Treasury Unit will be based “here in the north” under a Labour government.
He will say: “At the same time my Treasury ministerial meetings will no longer be solely in London.
“Labour’s Treasury ministers will meet outside of London and will have a ministerial office in the North. The centre of gravity of political gravity is shifting away from London.
“This is where the investment is needed and this is where those decisions on investment need to be made on the ground. Power is coming home.”
McDonnell will also set his sights on the “private finance sector”,saying he would bring the industry “in line with the rest of us” on climate change.
“The days of the City dictating terms to the rest of the country are over,” the man – who once waved his copy of Chairman Mao’s Little Red Book from the shadow front bench – will say.
McDonnell’s pledges include a £250bn Green Transformation Fund, alongside a £150bn Social Transformation Fund.
It comes as the Conservatives warn that the “Christmas strike misery” threatened by strikes by transport and postal unions “are just a taste of things to come” if a Labour government is returned.
Conservative analysis argues that Jeremy Corbyn’s plans to repeal all trade union laws since 1979 could cost nearly £9.5bn in lost working hours.
Warning of a return to the “Winter of Discontent”, the Tories claim Labour plans could lead to nearly 40m lost days to strikes.
Nadhim Zahawi said: “Jeremy Corbyn’s union barons are plotting to cause misery for millions this Christmas with a series of strikes over the festive period.
“But this is just a taste of things to come if he is elected Prime Minister. His plans to roll back the clock and make it easier for his union chums to go on strike could lead to a huge amounts of disruption for everyone else. This comes on top of his plan to hold another two referendums in 2020.
“A vote for Jeremy Corbyn would not just ruin Christmas – it would lead to years of disruption and delays for families. We simply can’t afford the cost of Corbyn.”
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