Commons passes Government's fiscal charter

Labour leader Jeremy Corbyn speaking to ITV West said that he was "not in the least" upset about 20 dissenters in his party that abstained from the fiscal charter vote.

Asked whether he, like his shadow Chancellor John McDonnell, was embarrassed by the u-turn on the economic policy, he said he was "sorry that it happened the way it did" but insisted that Labour now has a clear position.

Shadow Chancellor John McDonnell said it was "best to be honest" about changing his mind over the government's fiscal charter.

Speaking after the vote, which saw the Charter for Budget Responsibility passed by a majority of 62, he said that Conservatives showed "derision" and "arrogance" during the debate

McDonnell admitted during the debates that his u-turn over the policy, which had sparked disunity within his party, had been "embarrassing".

One of the 20 Labour MPs who abstained in the fiscal charter vote said that he went against the party line because the policy was a "gimmick"

Mike Gapes, Labour MP for Ilford South, said that the Charter for Budget Responsibility, which passed through parliament with 320 votes to 258, was an "elephant trap" for the Labour party.

It was both a political gimmick and a test for Labour's new leadership.

The government's fiscal charter was voted through tonight meaning that there will now be a legal duty on future governments to always spend less than they earn.

But the man behind the 'political theatre', George Osborne made much out of the u-turn that his shadow counterpart made in the weeks running up to the vote.

ITV News Deputy Political Editor Chris Ship reports:

A total of 20 Labour MPs rebelled against the party whip and abstained from the fiscal charter vote.

Abstainers included former shadow Chancellor Chris Leslie, Blairite and leadership candidate who lost out to Jeremy Corbyn, Liz Kendall.

Former shadow Culture minister Margaret Hodge and former shadow Education Secretary Tristram Hunt also abstained.

The full list of Labour MPs that abstained are:

• Fiona Mactaggart
• Rushanara Ali
• Ian Austin
• Ben Bradshaw
• Adrian Bailey
• Shabana Mahmood
• Ann Coffey
• Simon Danczuk
• Jamie Reed
• Chris Evans
• Graham Stringer
• Frank Field
• Gisela Stuart
• Mike Gapes
• Margaret Hodge
• Tristram Hunt
• Graham Jones
• Helen Jones
• Liz Kendall
• Chris Leslie

Some 20 Labour MPs defied the party line and abstained from the fiscal charter vote in the House of Commons.

One of the abstainers was former shadow Chancellor of the Exchequer, Chris Leslie.

ITV News Deputy Political Editor, Chris Ship is in the House of Commons:

The Government's Charter for Budget Responsibility has passed through parliament with 320 votes to 258, majority of 62.

ITV News Deputy Political Editor, Chris Ship is in the House of Commons:

Shadow Chancellor John McDonnell admitted to the Commons that his u-turn on fiscal policy was 'embarrassing'.

In the debate ahead of the vote on the Conservative economic plans, which caused clashes within Labour after McDonnell reversed his stance on the policy, he added: "But a bit of humility never goes amiss".

Introducing the fiscal charter to the House, Chancellor George Osborne urged Labour MPs to rebel against the party leadership by abstaining.

He said: "We were told when [the shadow Chancellor] got the job that he would be a divisive figure, I just didn't realise that the split would be between two opposing views both held by himself."