The Tory-DUP deal agreed upon yesterday should see an extra £68bn of funding for the rest of Britain, if it were to be applied equally, John McDonnell has said.

The Tories agreed a deal with the Northern Irish democratic unionist party which involved giving them a rumoured £2bn of additional capital for Belfast’s budget, though the official figure is £1bn. This is to ensure that the DUP’s 10 MPs vote with the minority Conservative government in Westminster.

The £2bn boost to Stormont’s coffers would equate to an extra £59bn for England, £6bn for Scotland and £3bn for Wales. If the Barnett formula were followed, which was adopted to ensure fair distribution of government funds for all parts of the country, these figures would be owed to the nations of Great Britain’s public services.

“The coalition of chaos that was set up yesterday risks increasing division in our society by easing austerity in one part of the UK alone,” the shadow chancellor said.

“We need to see an end to austerity throughout the UK not just in Northern Ireland, and not just to prop up Theresa May and her failed government,” he added.

“Labour’s fully costed alternative programme of government stands ready to provide Britain with the leadership that will truly end austerity, and unite all nations and regions in our country.”