UK Labour would deliver first budget on February 5: McDonnell

LONDON (Reuters) - The man who would be Britain’s finance minister if the opposition Labour Party takes power after Thursday’s election said on Monday he would deliver his first tax-and-spending budget statement on Feb. 5.

“My first act as a chancellor will be write to the Office for Budget Responsibility and will ask them to begin their preparations for my first budget which will be given on Feb. 5, the date when almost 10 years of cuts will come to an end,” John McDonnell said in the text of a speech.

Labour has said it wants to reverse a decade of public service cuts as quickly as possible and give public workers a 5% pay rise.