Here's how Labour plans to regain its economic credibility - in five bullet points

Labour's Shadow Chancellor John McDonnell has outlined his party's plan to regain economic credibility ahead of next week's budget.

Here's a rough breakdown of how he plans to do it:

1. Fiscal credibility rule

He will admit that Labour lost the public's trust during the 2008 financial crisis and will set out the party's new "fiscal credibility rule" in a speech at the Royal Society of Arts in London on Friday:

There is no short cut to regaining fiscal credibility with the electorate. We have a long way to go before we can regain the trust that was lost after the global financial crisis of 2008, which happened on Labour’s watch. There is no silver bullet.

2. Five year plans

The "fiscal credibility rule" will incorporate balancing tax revenues and day-to-day spending in five year plans.

3. Iron discipline

In an interview with the Guardian he also described his plans to exert "iron discipline” over day-to-day spending.

Socialism is about planning, and planning is about making sure every penny is spent effectively. Every penny misspent is being taken away from the real investment that is needed.

4. Investing billions in public infrastructure

McDonnell has also said he intends to spend billions on housing, railways and broadband connections across the country, by borrowing.

He's pointed to experts to support his policy, such as the International Monetary Fund, who recently called for stronger investment spending to facilitate growth, to avoid a “derailment” of the global economy.

The shadow chancellor also cited the CBI and the British Chambers of Commerce, the City, banks and trade unions as organisations who all want to see investment in skills, something he told the Guardian he believes the chancellor is not achieving sufficiently.

We are all on the same page apart from Osborne.

5. Not bringing any silly props to the budget

No more of Mao's Little Red Book in the upcoming budget.

Chancellor George Osborne will reveal the budget on Wednesday 16 March 2016 in the House of Commons.

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