It is time for areas outside of London to ‘take back control’, shadow chancellor tells Labour conference—but no mention of metro mayors.
John McDonnell MP gave a wide-ranging speech this afternoon to the Labour conference in Liverpool where he outlined plans to ‘create new institutions’ that would enable investment decisions to be taken outside of Whitehall or the City.
This would involve the creation of a £250bn National Investment Bank, supported by a network of regional development banks ‘with a clear public mandate to supply finance to regional and local economies.’
‘For too long major decisions about what and where to invest have been taken by Whitehall and the City,’ the shadow chancellor said.
‘The result has been underinvestment and decline across the country. It’s time for our regions and localities to take back control.’
Mr McDonnell did not, however, mention the Government’s metro mayor plans.
Introduced under the premiership of David Cameron, the plans to make the adoption of metro mayors a prerequisite for devolution were brought into doubt once Theresa May took power.
These rumours have since been quashed and Number 10 has reaffirmed its commitment to the policy.
Alexandra Jones, chief executive of Centre for Cities, welcomed John McDonnell’s call for regions outside of the capital to be given more powers ‘to grow their economies and attract investment’.
However, Ms Jones criticised the shadow chancellor for wishing to create new institutions rather than further empowering the metro mayors.
‘John McDonnell is right to call for places across the country to be given more powers and control to grow their economies and attract investment,’ she said.
‘However, the best way Labour can support that is by giving its full backing to the new metro mayors due to be introduced in England’s biggest city-regions next year.
‘Rather than creating multiple new institutions to support devolution in those city regions, Labour should argue for the new mayors to be given the full range of powers and funding they need to address the issues that matter most to jobs and economic growth.’
