McDonnell has just ripped up Labour's old fiscal rule.
"Our fiscal rule for the next Parliament will exclude borrowing for investment from our borrowing targets. It will mandate us to deliver an improvement in the overall balance sheet by the end of the Parliament."
...."So that when we invest in the infrastructure our country desperately needs, it’s recognised both as a cost and as a benefit."
the shadow chancellor is calling this:
"a cutting-edge fiscal rule"
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