Labour would put the Department for Business, Innovation and Skills in charge of “infrastructure planning”, shadow chancellor John McDonnell has announced.
McDonnell told delegates at the Labour Party Conference in Brighton today that if the party took power in 2020 it would make big changes in how the economy is run.
The annual conference is the first since Labour lost the General Election, and the first since Jeremy Corbyn was elected leader.
McDonnell said: “We’ll turn the Department for Business, Innovation and Skills into a powerful economic development department, in charge of public investment, infrastructure planning and setting new standards at work for all employees.
“This is a radical departure not just from neoliberalism but from the way past administrations tried to run the economy.”
Corbyn’s policies include creation of a National Investment Bank to fund long-term infrastructure projects, increasing investment in high speed rail.