John McDonnell MP, Labour’s Shadow Chancellor, responding to George Osborne’s statement, following the outcome of the EU referendum, said:

“The Chancellor’s statement this morning is to be welcomed in the interests of providing some certainty and stability to financial markets, and some reassurance to ordinary people in this country after days of uncertainty.

“It is reassuring to know that the Chancellor has been in urgent consultation during the weekend with those in the financial services industry, and our international partners. We also welcome the postponement of any contractionary emergency Budget until the fiscal position is made clear.

“Nonetheless, two key issues now need to be addressed by George Osborne. First, that the Treasury and financial authorities have in place interim measures needed to calm market volatility while protecting working people. We appreciate that many of these cannot be made public and so request a cross-party briefing on a Privy Council basis to secure cross-party support. Second, that he can offer interim government support, particularly to more deprived regions, in the event of a continued slide in investment, and those regions at risk of losing EU funding.

“We will get through this period of uncertainty, as Britain has done many times in the past. There are real strengths in our economy, not least our phenomenally talented and dedicated workforce. Nonetheless, volatility continues and there remain grave uncertainties about the UK’s future relationship with our European partners and the wider world. The future direction of the government itself is not yet determined. Labour is prepared, in the national interest, to work with our Parliamentary colleagues to ensure that the best interests of British working people are secured.”


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  • commented 2016-07-01 10:46:45 +0100
    If the position changes and Jeremy Corbyn resigns as leader, it is imperative that the socialist labour policies are maintained and the party does not return to “new labour” policies. I do not think Ms Eagle is the person to do this. Perhaps you should consider a leadership contention. You have done it before. It’s not new to you. I have worried since the death of John Smith that the Labour Party might tear apart into blue and red factions. Please don’t let this happen.
  • commented 2016-07-01 10:13:02 +0100
  • commented 2016-07-01 09:41:32 +0100
    Please read Geordie Labour blog. There is an interesting suggestion on how to break the leadership challenge delay
  • commented 2016-06-29 20:44:12 +0100
    Good common sense as I would expect. Very pleased to see that you are part of the democratic movement in the Parliamentary Labour Party. Oh it is not only young activists supporting Jeremy some of us are in our 60s and above. We see honesty truth and informed views that support the people including those who have been forgotten and deprived of their rights according to the latest UN report.