Labour donor calls for radical devaluation of the pound

John Mills owns the JML shopping outlet. Credit: ITV News

Labour's largest individual donor has launched proposals for a new economic strategy which he believes would boost GDP growth to 5% and remove the need to eliminate the UK's national deficit.

Businessman John Mills called for a radical devaluation of the pound to boost exports, coupled with a drive to boost investment in business from its current rate of 13.5% of national income to more than 20%.

In a pamphlet entitled There Is An Alternative, Mr Mills accused the Treasury of "short-termist" thinking which had saddled the UK with an economy which consumes too much, invests too little and cannot pay its way in the world.