Labour pledge 'irreversible shift in power in favour of working people'

Britain's Chancellor of the Exchequer Sajid Javid is seen outside Downing Street in Lond

Britain's two main parties promised billions of pounds of investment for hospitals, schools and infrastructure on Thursday as they seek to woo voters tired of austerity ahead of next month's election.

McDonnell said in a speech that government debt would rise but a higher investment would boost public assets and strengthen the public sector.

However his Conservative counterpart Sajid Javid will accuse Mr McDonnell and Jeremy Corbyn of behaving like "anti-vaxxers" on the economy.

Both Javid, from the ruling Conservatives, and McDonnell will travel to the north of England to make their pitches, eyeing seats where many voters feel they have been squeezed by investment cuts and decades of deindustrialisation.

The IFS said Labour plans to spend an extra £55 billion per year on investment over the next five years, would more than double public investment spending - taking United Kingdom government investment spending from around the bottom of the global league table to around the top.

Labour has already pledged to invest another 250 billion pounds in capital projects over the next 10 years, financed by selling bonds, to stimulate growth and make the economy greener.

Mr McDonnell told an audience in Liverpool: 'Our aim as a Labour government is to achieve what past Labour governments have aspired to.

The rents on new council homes and electricity produced by public sector energy agencies would be "set against the cost of servicing the debt issued to build them", he said.

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The poll Johnson called to try to break parliamentary deadlock over Brexit is shaping up to be a contest between two parties more than willing to break with years of economic austerity imposed since the Conservatives took power in 2010.

"After a decade of recovery, of hard decisions, we can't let Labour turn back the clock, let spending get out of control and make hardworking families pay the price".

"They'll ruin your finances, they will raise your taxes and they will saddle the next generation with debt", the Conservative minister said.

With Britons due to vote on December 12, the main parties are drawing up battle lines: Prime Minister Boris Johnson says he alone can deliver Brexit, while Labour leader Jeremy Corbyn says only his policies offer real change. McDonnell once brandished a copy of Chinese Communist leader Mao Zedong's "Little Red book" in parliament and suggested the government heed its advice.

Syed Kamall, Academic and Research Director at the Institute of Economic Affairs, said: "Today's election speeches show both parties have abandoned fiscal restraint in favour of increases in public spending to be paid for through extra borrowing".

With that in mind, both parties are promising to end the era of cuts and undertake huge infrastructure investment programmes if they win power on December 12.

There would additionally be a National Transformation Fund unit of the Treasury beneath Labour, he talked about, adding that it'd be based exclusively mostly in the North.

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