I think that I was the first MP to call for the nationalisation of Northern Rock, although that is hardly surprising because I have been calling for the nationalisation of the financial sector for 30 years or more.

I made the case for public ownership in 'Another World is Possible' - a manifesto for 21st-century socialism - as it is the most rational approach for managing resources in the long-term interest of the entire community.

New Labour has deregulated, liberalised and privatised - but every time the private sector fails it is the taxpayer who pays.

John McDonnell Quotes