The shadow chancellor outlines polices to tackle the level of private debt, including limiting the amount of interest that can be charged on credit card debts so that "no-one will ever pay more in interest" than the amount of their original loan.

Labour has pledged to scrap tuition fees "and we will", John McDonnell says, adding: "Education is a gift from one generation to another. It's not a commodity to be sold."

He also attacks the Private Finance Initiative (PFI), "started by John Major", blaming it for creating debts in hospital trusts.

Labour would not only not sign any new ones, he says, but, in the big announcement of the day, he adds they will "bring existing PFI contracts back in house".

There is a new interest from business in the Labour party conference, despite its plans on nationalisation.

John McDonnell invites delegates to applaud members of the Bakers, Food and Allied Workers Union for "taking on the might of McDonald's".

Earlier this month, McDonald's workers staged their first UK strike after walking out at two stores in a dispute over zero-hours contracts and conditions.

Labour would repeal the Conservatives' Trade Union Act and "restore free collective bargaining", Mr McDonnell adds.

The mayor of Greater Manchester "has a strong point" in criticising the "London-centric" nature of the Labour Party, the shadow chancellor has said.

Image source, PA

Speaking yesterday, Andy Burnham said he was disappointed at the lack of a "prominent northern voice" to "balance" London Mayor Sadiq Khan, who has been invited to speak at his party's conference in Brighton.

John McDonnell said the decision to invite Mr Khan to speak was made by delegates but he hoped other mayors like Mr Burnham and Liverpool's Steve Rotheram will be given slots at future gatherings.

He added:

"The Torles have borrowed more than any Labour government ever," John McDonnell says.

Labour in office would set out plans to reduce the deficit, he says, and "close those loopholes and tax avoidance scams by the mega-rich".

"We're not asking the earth," he adds. Labour is just asking the rich and corporations "to pay their way".

The shadow chancellor attacks Theresa May for saying that people use food banks for "complex" reasons.

The reason is "not complex, it's simple: they're not being paid enough", Mr McDonnell says.

The shadow chancellor backs investment in rail in the north of England, extending HS2 to Scotland and the electrification of railway lines "from Cornwall to London".

He backs a public sector energy company "based on alternative energy sources" and expanding "worker control and the co-operative sector on a scale we've never seen before in this country".

There's loud applause when Mr McDonnell says: "Rail, water, energy, Royal Mail - we're taking them back."

Continuing with his theme of technological change, John McDonnell says: "We can remain a low-wage economy, specialising in zero-hour contracts, or we can use the state to shape Britain's future in this new world."

John McDonnell praises "the Blair-Brown governments" for delivering increased investment in public services.

"It's a Corbyn Labour government that will rescue our country from austerity," he says.

The shadow chancellor jokes that China has the technology to have "teleported data to a satellite" while the UK has "a whole Tory government teleported from the 18th Century".

Image source, bbc

There's another ovation, in an ovation-heavy morning, for shadow chancellor John McDonnell.

He begins by thanking his shadow Treasury team and then turns to Labour's election performance.

Many "predicted that we'd be wiped out in the general election", he says but he had predicted that "the polls would narrow and we would shock them all".

He adds: "Let's be honest: until you saw the exit polls you were a bit edgy yourselves, weren't you?"

Tom Moseley
Political reporter

One thing you don't get at the main Labour conference is the chance to make models out of clay. That's what's going on this morning in The World Transformed, Momentum's conference, to celebrate "the collective matter of making".

It's not the only art on display in the Momentum conference HQ:

Over the road from the main Labour conference here in Brighton, Momentum have taken over a former nightclub and converted it into their main HQ. The World Transformed, Momentum's conference, runs across multiple venues, with Jeremy Corbyn and Russell Brand among the star guests. This morning, they're discussing trade union rights on what used to be the dancefloor.

Veteran Labour MP Dennis Skinner gets an ovation as he takes to the stage.

"Dennis Skinner, ex officio, sitting with the national executive but I don't how I get away with it," he begins.

He continues to say that, when he was a miner, he worked with Poles and other foreign-born workers, as many people do now.

He says there were no problems between the workers "because they had the same money as us and they were in the NUM".

However, now "zero hours contracts dominate - and on the same sight", he adds.

The MP for Bolsover defends borrowing for the public sector, arguing that this is "what the private sector does" when businesses want to grow.