26/09/2017 10:34 BST

John McDonnell Looking At 'War-Game' Plans For A Run On The Pound If Labour Win Next Election

'People want to know we are ready.'

Empics Entertainment

John McDonnell has revealed Labour is looking at plans for what to do if there is a run on the pound if it wins the next election.

Speaking at a Momentum organised rally on the fringes of the Labour conference in Brighton on Monday evening, the shadow chancellor said “war game-type scenario-planning” was being undertaken.

According to Politics Home, McDonnell said Labour had to be prepared for an “assault” from elements of the establishment such as the City.

“What if there is a run on the pound? What happens if there is this concept of capital flight? I don’t think there will be but you never know so we’ve got to scenario-plan for that,” he said.

“People want to know we are ready and they want to know we have got a response to anything that could happen. If we can demonstrate that, that will calm things down.”

One source told HuffPost that rather than Labour making plans internally, it was keen to look at those being made by outside groups. “It was more that others had done it [wargaming] than us,” the source said.

McDonnell’s comments echo those of shadow justice secretary Richard Burgon.

He told another fringe meeting at the conference that attacks from the media and others would be even worse should Jeremy Corbyn become prime minister.

“All the hell of the establishment, wherever it’s found will be unleashed on us,” he warned.