A Labour government would end austerity within its first 100 days, says John McDonnell

A Labour government would end austerity within the first 100 days of gaining power, according to John McDonnell.

The Shadow Chancellor will say the party would unleash a multi-billion pound programme of investment to end nearly a decade of cuts to public services and social security.

McDonnell will also vow that Labour would kick-start the process of nationalising the water and energy industries immediately upon assuming office.

And a new National Transformation Unit would be set up before Christmas to get money moving "out of the City and Whitehall" to help neglected regions around the country.

His comments, in a speech in London, come as opinion polls suggest the Tories are maintaining their lead with just 72 hours until polling day.

McDonnell will say: "In too many parts of the country, we have been wasting people’s potential. That’s down to successive governments sitting back and leaving the fate of whole communities at the mercy of market forces.

"Good jobs and whole industries that were once the pride of our country have been lost and replaced with dreary, exploitative, insecure and low paid jobs. Or in some cases no jobs at all. No wonder people feel disillusioned in politicians.

"As our manifesto makes clear, turning these two things around will be our number one priority in government."

The Shadow Chancellor will say that as well as bringing public utilities into public ownership, ordinary people will also be given a say over how they are run.

"When Labour puts money in your pockets, we will also put power back in your hands," he will say. "You rely on and work in these services, you know them. But you've been ripped off and shut out from how they're run, to protect vested interests and profits for the wealthy.

"When we win power it will be to give it to you. Your vote is more powerful than all their wealth. And under Labour, power won’t be something you have every five years in the ballot box.

"Labour will put real power in your hands every day. Together we will improve services and bring down fares and bills because we believe in democracy and we believe in you.

"In our first hundred days we will start the process of bringing water and energy into public ownership.

"We’ll set up boards to run them made up of you, the customer, and you, the worker, as well as representatives from local councils, metro mayors and others.

"We’ll make sure decisions are taken locally by those who understand the services - those who use them and deliver them."