Labour reveals plans to split up Treasury and base £250bn transformation fund in the North
Mr McDonnell said Labour would base its planned National Transformation Fund (NTF) in northern England so “better decisions will be made” about how the money is spent.
Labour has promised to create the fund to invest £250 billion on transport, energy systems, communications, scientific research and housing, over 10 years.
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Hide AdOn BBC’s Andrew Marr Show, Mr McDonnell said: “What I’m saying is we need to pour money into the North, investment long term on infrastructure, training, rebuilding the economy, but the better way to make decisions is to have them made in that locality, in the region.