In July 2016, John McDonnell MP, as Shadow Chancellor of the Exchequer, announced Labour’s support for a National Investment Bank and network of regional development banks as part of Labour’s pledge to rebuild and transform Britain. The NIB and RDBs formed part of Labour’s promise to mobilise £500bn of investment over ten years to redress many of the structural problems in the British economy, a figure which included both public sector and private sector financing.
The existing financial system has proven inadequate for the purposes of much of the UK economy: in addition to widespread criticisms of short-termism and a failure to invest in the economy for the long term with investment disappointing by international comparisons, wide disparities have emerged between our regions and nations. We are now facing another financial crisis and must consider again the merits of a National Investment Bank as one strategy in re-booting our economy.

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