Ahead of his visit to north London today (8 April), Mr McDonnell said he wants to support budding entrepreneurs by creating more shared business spaces to reduce costs, and making it easier to seek and give advice and promote ideas.
These “strategic entrepreneurial hubs”, he added, would support more than 20,000 extra entrepreneurs and cost around £25 million each year.
Money no barrier
He is also expected to announce that existing successful schemes for entrepreneurs will continue, and that a consultation on new proposals will go ahead.
Mr McDonnell said: “Our future success as a nation depends on growing in a more strategic way and Labour wants to see an entrepreneurial state at a local and national level to help make this happen.”
“We don’t want money to be the barrier to someone with talent, skill or a good idea and who wants to control their own destiny being prevented from starting up a small business of their own, staying the course and delivering growth.
“Labour has always been the party of makers and doers, we have a rich history of supporting those people who want to be designers, makers and innovators.
“And it’s by helping to create the next generation of entrepreneurs that we will build the economy of the future.”