Labour's public spending rules 'madness'

The man in charge of Labour's 2015 election campaign has called Labour's public spending rules "madness".

This morning the shadow chancellor John McDonnell announced that a future Labour government would control public spending through a "fiscal credibility" lock, although there would be scope for borrowing for capital investment.

But speaking to Edward Stourton on Radio 4's World at One Spencer Livermore said: "Albert Einstein defined madness as doing the same thing over and over, and expecting a different outcome. This announcement doesn't move us on from where we were in 2015."

(Image: Spencer Livermore. Credit: BBC)