John McDonnell to pledge new economics in Labour conference speech

Shadow chancellor plans broader remit for Bank of England and will say he understands need to bring deficit under control

John McDonnell, the shadow chancellor, will promise to match Jeremy Corbyn's new politics with a new economics, including a pledge that the next Labour government will live within its means but run a different kind of economy.

McDonnell's promise will come after his predecessor Chris Leslie told him to tone down his negative rhetoric to business and spell out what he planned to do to make Labour an anti-austerity party.

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