John McDonnell MP, Labour’s Shadow Chancellor, speaking after Treasury Questions today where he challenged the new Chancellor to set out whether he will stick to the planned cuts to investment, said:

“The Chancellor may have a different name, but he has the same policy. The silence today sadly suggests that despite hinting he’s given up on George Osborne’s failed fiscal charter he is standing by the planned cuts to public sector net investment.

"The Prime Minister and the Chancellor both said they wanted to increase investment in our country but are planning on going ahead with a cut to public investment of over £1 billion next year and over £4 billion by the end of the Parliament.

"It is vital that Philip Hammond is clear on whether or not he plans to go ahead with these foolish cuts at this time. The country can’t go on hold for months until the Chancellor makes his mind up on whether he will keep to George Osborne’s failed plan.”