Labour can cut deficit without austerity, John McDonnell pledges

Shadow chancellor John McDonnell lays out plans to cut deficit by targeting corporate tax avoidance and increasing taxes on rich

John McDonnell has promised that the deficit can be cut without austerity or spending cuts that are loaded on middle-income earners and the poor.

In his first conference speech as shadow chancellor, McDonnell won a warm reception when he said austerity was a political choice and not a necessity. He insisted Labour's plan to "balance the books will be aggressive", and appeared to indicate the bulk of the funds will come from higher growth, ending corporate tax evasion and reducing corporate welfare.

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