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John McDonnell, Labour’s shadow secretary said at the Brighton conference that they are getting ready for “detailed implantation manuals” should they win the next general election.
McDonnell said: “People want to know we’re ready, and they want to know we’ve got a response to anything that could happen.
“What we’re doing now, we’re taking every policy commitment within the manifesto and we’re looking to develop detailed implementation manuals.”
He said that under Jeremy Corbyn, “we’re going to be a radical government” and will not be traditional.
“We’re going to face all the challenges… and we’ve got to scenario-plan for those… bringing the relevant expertise together at every level to talk through what happens if there is such and such a reaction.
“What if there is a run on the pound? What happens if there is this concept of capital flight? I don’t think there will be, but you never know.”
McDonnell said that the party will bring PFI contracts back in house and will nationalise a few industries.
He said: “How exactly are we going to manage these industries when we take them back into public ownership? Let’s start doing the detailed work now.
“Let’s start doing the consultations with consumers or passengers or whoever and also with local authorities and local councils or whoever.”
The chancellor, Philip Hammond said: “After giving his conference speech, the Shadow Chancellor privately conceded the disastrous effects that Labour’s plans would have on Britain’s economy – a collapse in business investment and a crash in the value of the pound, causing a shock wave of inflation.
“Labour’s plans would go too far, and ordinary working people will end up footing the bill.”