The ultra-socialist shadow chancellor would seize control of the economy the moment Labour came to power with plans to introduce five-year-plans, hold an emergency budget within 10 weeks and steam ahead with nationalisation. Mr McDonnell would also force government officials to consult the public and trade unions in “listening exercises” around the country as well as build on his previous comments in which he suggested he would set up a dedicated Treasury unit to commandeer the transfer of private companies to the public sector. The controversial politician’s plans were laid bare in a leaked letter he sent to Sir Tom Scholar, the Treasury’s top civil servant.

In the letter, Mr McDonnell described how he would order staff in the Treasury to “widen the range of economic theories and approaches in which its officials and those in the rest of government are trained.”

He also told Sir Tom: “I would like you to plan on the assumption that there will be an early budget to be undertaken as soon as practically possible.”

Mr McDonnell would also reintroduce public service agreements created by Gordon Brown but thrown out by George Osborne.

The deals would be touted as giving more protection over taxpayers’ money but would also grant Mr McDonnell more public spending powers.

He would also tell Treasury staff that all economic polices must focus on “the reduction of inequalities and poverty” for “people right across the UK”.

The Tories have responded with horror, saying the letter proves the “damage” a Jeremy Corbyn government would do to Britain’s economy.

Conservative Party chairman Brandon Lewis said: “This adds to the mounting evidence of the damage Jeremy Corbyn’s Labour would do if they ever got near the country’s finances.”

Mr Lewis added: “They would rip up the policies that have seen our economy grow for nine years, the deficit fall by 80 percent, record numbers in work and the biggest cash increase in NHS funding in history.

“Labour’s plan to borrow and spend one thousand billion pounds would take the country right back to square one.”

The letter comes as Britain’s Brexit crisis threatens to thrust the country into its third general election in four years.

Cabinet ministers fear a general election could happen within weeks as MPs continue to reject the Withdrawal Agreement.

Brexit Secretary Stephen Barclay said an election would be the logical conclusion of the government losing control of Brexit after MPs chose last night to hold a series of indicative votes on alternative options.

His warnings were echoed by fellow ministers Liam Fox, Andrea Leadsom and Alan Cairns while Attorney General Geoffrey Cox told a Cabinet meeting that failing to agree the divorce deal by April 12 would almost inevitably lead to an election.

Source: Read Full Article