John McDonnell has admitted that he is “embarrassed about how mediocre” Labour’s £500 billion spending splurge plans are, claiming that they are only “the first step to give people confidence.” The clear implication is that he has unannounced secret, much more radical plans ready to be implemented once the public have been duped by the supposedly modest manifesto commitment for a half trillion unfunded spending binge.

“the most important thing then is to make sure that you invest in the state, you put forward a capex programme parts of £250 billion and have national investment bank, that we think can leverage in another £250 billion so £500 billion investment programme, a ten year programme, nothing untoward with that. I’m embarrassed about how mediocre it is in comparison to what we could do, but it’s a first step.”

Former Labour shadow Chancellor Chris Leslie has said “The worry that I have is this suggestion of £500 billion. I mean, that’s an awful lot of either borrowing or extra taxation. In order to raise it you’d have to double income tax. You’d have to double National Insurance. You’d have to double council tax. And you’d have to double VAT as well.” Doubling taxes is “nothing untoward”. McDonnell thinks half-a-trillion pounds is “modest” Guido would hate to think what his next step is…