Economic Advisory Committee

The British Labour Party's Economic Advisory Committee is a group of economists, described as experts on globalisation, inequality and innovation, convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn, announced on 27 September 2015 at the Labour Party Conference in Brighton, and intended to meet on a quarterly basis to discuss and develop ideas around the official economic strategy to be advocated by the Labour Party, but not to set policy. It has been described a way to give the Shadow Chancellor defensive cover. The remaining members of the Economic Advisory Committee announced they had decided to postpone any further meetings in the wake of the resignation of numerous members of the Shadow Cabinet in protest over Jeremy Corbyn's leadership.

The committee originally consisted of seven members, described by then BBC News Economics Editor Robert Peston as, "some of the world's most influential left-wing economists".

The inclusion of Piketty and Stilgitz was seen as a particular coup for the Labour Party leadership due to their breakthrough success in mainstream publishing, while the absence of Richard Murphy, who had advised Corbyn on his cornerstone policy of People's Quantitative Easing was noted.

Following the formation of he committee, Economics Editors Robert Peston, then of BBC News, and Chris Giles, of the Financial Times, confirmed that the seven members were unified in their opposition to the spending cuts of Chancellor George Osborne, although the latter warned that they had less in common in other areas.

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