McDonnell wants to 'restore credibility to economic policy'

John McDonnell Credit: BBC/Andrew Marr show

Shadow chancellor John McDonnell has said a Labour government will "eliminate" the UK's deficit and show "budgetary discipline" to enable investment and growth in the economy.

Speaking to the BBC's Andrew Marr show, as George Osborne prepares to deliver his budget on Wednesday, Mr McDonnell said: "When we go back into Government we'll eliminate the deficit.

He added: "We'll reduce debt and we'll ensure that's supervised independently by the Office of Budget Responsibility."

"That's budgetary discipline but it means that also we will invest in and grown the economy."

John McDonnell talks to Andrew Marr about his plans for the UK economy. Credit: BBC/Andrew Marr show

Mr McDonnell also insisted he wanted to "restore credibility to economic policy" across politics as well.

"I want to try and restore credibility to economic policy making generally not just within the Labour party across politics too because we've had too long for example, like the last six years where we've had fiscal rules that's not been met, deficits that have not been resolved."

The shadow chancellor also said his party would invest in skills, infrastructure and new technology.