Shadow chancellor makes last-minute U-turn on fiscal responsibility vote

John McDonnell says Labour will now vote against charter requiring government to run budget surplus within three years during 'normal times'

John McDonnell, the shadow chancellor, has made a last minute U-turn by announcing that Labour will vote against the government's charter of fiscal responsibility on Wednesday.

He told the Guardian in an interview during the weekend of the Labour conference that the party would back the fiscal rules despite Jeremy Corbyn having been elected as leader on an anti-austerity ticket. McDonnell said he was committed to balancing the books even though he did not agree with many of the charter's specific objectives.