John McDonnell's ambition is fine, but he needs to avoid statism | Nils Pratley

It’s no longer 2008 and renationalising Royal Bank of Scotland would be priceyShadow chancellor John McDonnell promised fresh ideas from Labour for the UK economy and here they come, courtesy of economist Graham Turner’s “financing investment” report. The headline-grabber is the proposal to give the Bank of England a target for generating growth in productivity, which certainly counts as original. But there’s another proposal – an old one – that ought to