John McDonnell MP, Labour’s Shadow Chancellor, commenting on the speech by the Governor of the Bank of England in Liverpool last night, said:

The Governor has made an important intervention in the discussion about the future direction of our economy. He is right to point out that there have been losers as well as winners from free trade.

We are going through a lost decade in earnings growth, as the Governor highlights, and the fundamental crisis of productivity will not be solved without major government investment, backed up by an industrial strategy, that can deliver growth in high potential new areas like renewable technology.


The Governor hits the nail on the head in calling for societies to redistribute the gains from trade and technology and to educate and empower its citizens.

Labour in government is committed to tackling the challenges outlined by the Governor of rising inequality, low wage growth, and driving up Britain’s productivity growth so that no-one and no community is left behind.

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