Labour government would bring PFI contracts into public sector, says McDonnell

Labour would re-nationalise Royal Mail railways water and energy

Labour would re-nationalise Royal Mail railways water and energy

"Business has realised that Labour may form the next government and has re-engaged", said Tony Langham, Chief Executive of city communications firm Lansons which chose to hold a business reception at the Labour conference to meet client demand for engagement with the party.

But the Conservatives said Labour's nationalisation plans, as well as its intention to buy out PFI contracts for the running of schools, hospitals and other public services, would result in "a collapse in business investment and a crash in the value of the pound".

Mr McDonnell told Labour's annual conference in Brighton that it was a "scandal" that PFI deals will see almost £200 billion paid to private companies from the public sector over the next few decades.

"It was as if it received a shot of adrenaline", said Eric Bush, a representative from the Cayman Islands who attends party conferences to gather intelligence and help manage the British Overseas Territory's relationship with London's political class. In the NHS alone, £831m in pre-tax profits have been made over the past six years.

The contracts have been used for decades to fund public infrastructure project using private capital.

Jeremy Corbyn has defended shadow chancellor John McDonnell's decision to prepare for the possibility of a run on the pound after Labour takes power.

The shadow chancellor told delegates at Labour's autumn conference in Brighton that "never again will this waste of taxpayer money be used to subsidise the profits of shareholders".

Of Course There's A Sexy Pregnant Kylie Jenner Halloween Costume
Rob Kardashian , who welcomed daughter Dream last November with ex-fiancée Blac Chyna , is the last Kardashian to become a parent. The world might be keeping up with two new members of the Kardashian-Jenner clan in a very short span.

And he offered an olive branch to the party's Blairite wing, praising the record of the New Labour administrations which are often the butt of abuse from Corbyn-backers.

Labour's John McDonnell vowed yesterday to introduce law that would help cut credit card debt after the Financial Conduct Authority found that "more than three million people are in persistent debt".

Taking a swipe at the government's plans for infrastructure investment in the North, McDonnell added that Labour would invest in a swathe of schemes in northern regions including extending HS2 into Scotland.

"Working people would pay higher taxes and we would spend more and more on debt repayments instead of public services".

The prospect of the flight of capital from a Labour-run United Kingdom raised eyebrows, but Mr Corbyn insisted that the shadow chancellor's comments showed that Labour was a serious opposition responsible about preparing for the possible challenges of government.

And IFS director Paul Johnson told BBC2's Daily Politics: "This is not about just getting rid of austerity or moving back to where the last Labour government was. It raises a warning flag over the British economy at a critical time for our country's future", said Carolyn Fairbairn, director-general of the CBI business lobby group.

"The shadow chancellor's vision of massive state intervention is the wrong plan at the wrong time", she said.

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