John McDonnell 'has rehashed Labour policy from last election'

Party's former election chief says tax and spending plans echo Ed Balls's approach that was derided by supporters of Jeremy Corbyn

Labour's former election chief Spencer Livermore has accused the shadow chancellor, John McDonnell, of rehashing the tax and spending policy on which the party fought the last election.

McDonnell used a speech in Westminster on Friday morning to announce a "fiscal credibility rule", which would force a future Labour government to match tax revenues and day-to-day spending - while allowing borrowing to pay for investment.

Related: John McDonnell's new fiscal rule is strong. But it won't win an election | Andrew Harrop

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