McDonnell's credit card rule would hurt borrowers

PAUL ELLIS via Getty Images
Sadiq Khan's addition will do little to quell anger that the Labour conference line-up is too southern

But Mr McDonnell won loud applause as he told delegates: "We will go further".

But the Conservatives said Labour's nationalisation plans, as well as its intention to buy out PFI contracts for the running of schools, hospitals and other public services, would result in "a collapse in business investment and a crash in the value of the pound".

"With many independent think tanks and committees declaring the NHS is at breaking point, removing this financial burden is the only sensible option and I welcome John McDonnell's announcement on this at the Labour Party conference".

We will create a Strategic Investment Board to drive funding into the technologies of the 4th industrial revolution.

'The government could intervene immediately to ensure that companies in tax havens can't own shares in PFI companies, and their profits aren't hidden from HMRC.

These are borrowers who are now paying more in interest and charges than the size of their original loans.

Instead other remedies which are being put forward by the FCA would encourage borrowers to increase the rates of repayments on their credit card bills earlier in the debt process, which would be a more effective way of helping struggling borrowers. He warned that if the Conservatives did not bother to do anything on this matter, then the law will be amended by the subsequent Labour Government.

Caribbean under hurricane watch again with Tropical Storm Maria following Irma's track
The storm is now is expected to become a hurricane be next week but will remain over open waters and pose no threats to land. Most recently, the center of the storm was reportedly located 875 miles west-southwest of the Cabo Verde Islands.

The shadow chancellor was cheered as he confirmed that a Labour government would scrap university tuition fees, overturn Conservative trade union legislation and nationalise rail, water, energy and the Royal Mail.

Asked about the "they" his colleague was referring to, Mr Corbyn said he thought Mr McDonnell was "talking about the people John doesn't like", before adding: "I think he's looking back again to the experience of the past Labour governments". Once you pick up the initial debt, it can easily spiral out of control.

And IFS director Paul Johnson told BBC2's Daily Politics: "This is not about just getting rid of austerity or moving back to where the last Labour government was".

He hailed previous Labour governments which have presided over periods of great change.

"This is a party of all communities around the country. Labour said more on specific policy and shadow ministers were more accessible and open".

Labour deputy leader Tom Watson will use the closing moments of his conference speech to lash out at the UK's "biased media", specifically targeting Rupert Murdoch's newspapers.

"We need healthy competition between a multiplicity of actors, with a renewed focus on innovation and positive market disruption is what our industry needs at this pivotal moment".

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