The shadow chancellor has claimed a Barnett-style formula should be introduced to ensure investment is distributed more fairly around the country.
John McDonnell insisted he was not advocating “opening up” the formula – which calculates public spending levels in the devolved nations – itself.
But he called for a similar system to even out the distribution of infrastructure projects around England.
He said: “We want to introduce a system which is almost like a Barnett-type formula for how that investment is distributed, so that parliament has control over that.
“First of all, there (would be) an audit of the investment, so that parliament is aware of the disproportionate nature of where investment is happening at the moment.
“And secondly, we could actually take a look at a fair distribution formula for capital spending.”
He said London and the south-east currently benefited unfairly from the current system.
McDonnell calls for “Barnett-style” formula for English regions
