Shadow chancellor John McDonnell has said that Britain is in need of an interventionist Government working alongside the private sector in order to ensure 'prosperity of the future.'

Speaking on BBC Breakfast, Mr McDonnell said that, while the UK would borrow over the short-term in order to ensure long-term investment, this would eventually lead to investment from the private sector and therefore higher tax returns.

Mr McDonnell's words came hot on the heels of shadow foreign secretary Emily Thornberry promises to replace any shortfalls in regional funding that come about as a result of the country's decision to leave the EU.

Mr McDonnell has confirmed he will commit the Labour party to lending its support to major industrial employers and clean energy firms across the country. He will also say that those who support the free market will not be able to make full use of the opportunities that have come about as a result of the UK's exit from the EU.

He is due to say: "We need a new deal across our whole economy. Because whatever we do in Britain, the old rules of the global economy are being rewritten for us. The winds of globalisation are blowing in a different direction. They are blowing against the belief in the free market, and in favour of intervention."

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