Labour finance spokesman shows support for government's fiscal charter

Labour's finance spokesman has said his party will support the government's aim of achieving a budget surplus within five years, but will not back any cuts that damage investment or disadvantage those on low or average incomes.

John McDonnel, who has been a supporter of Jeremy Corbyn for many years, said the Labour party would support the government's fiscal charter for achieving the budget surplus, despite the labour leader's anti-austerity stance.

"We will support the charter on the basis we are going to want to balance the book, we do want to live within our means and we will tackle the deficit," he told the Guardian. "We are not deficit deniers."

However, he also said: "Our basic line is we are not allowing either middle or low earners or those on benefit to have to pay for the crisis. It is as simple as that."