Has John McDonnell really committed Labour to supporting George Osborne’s fiscal charter? A report in the Guardian at the weekend said:
To the possible surprise of some on the left, McDonnell will announce that Labour MPs will be expected later this autumn to vote for the chancellor’s fiscal charter unveiled in the budget in July.
It quotes the shadow chancellor:
“We will support the charter. We will support the charter on the basis we are going to want to balance the book, we do want to live within our means and we will tackle the deficit.”
Confusingly, the Guardian reports also says that Labour would borrow to invest, which suggests something similar to Ed Miliband’s policy of eliminating the current spending deficit while still borrowing for capital expenditure. That would give the government more leeway but it would still require cuts or tax increases. It was the policy condemned as austerity-lite by…
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Utopia, you are standing in it! 
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