Scotland could receive £70bn in extra funding and investment over a ten-year period if a Labour government is elected at Westminster, John McDonnell has said.

The shadow chancellor claimed his party’s proposals would funnel billions of pounds of investment into the Scottish economy, bringing about a “Labour dividend”.

He was speaking as he closed the Scottish Labour conference in Dundee on Sunday.

McDonnell said Labour’s proposals for increased public spending during the 2017 general election would mean £3bn a year in additional funds from Barnett consequentials for the Scottish Government.

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If this was the same over ten years, it would mean £30bn in additional spending for Scotland over the period, he said.

He also pledged £20bn in investment from Labour’s planned “national transformation fund” and a further £20bn for the Scottish arm of its proposed UK national investment bank.

The shadow chancellor criticised the SNP government’s own “measly” national investment bank, which recently concluded its consultation phase.

McDonnell was speaking after Scottish Labour leader Richard Leonard headlined the party conference on Saturday.

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Leonard called on his party to “accept the result” of the EU referendum and unveiled a policy to try and enact rent controls at Holyrood.

It came after UK Labour leader Jeremy Corbyn opened the conference in Dundee on Friday.

In his speech, he made a controversial call for a Brexit deal that prevented “cheap agency labour” from being imported from Europe to “undercut existing pay and conditions”.

A Scottish Labour MP later criticised Corbyn’s comments by saying they would have made Nigel Farage smile.

The shadow chancellor focused on the economy and public services in his speech.

McDonnell said: “Our UK policy commitments to additional spending on public services in areas such as education, social care, and childcare, meant an additional £3bn of Barnett consequentials in 2022 for the Scottish Government.

“We also pledged an additional £250bn of investment spending over ten years across the UK through our national transformation fund, rebuilding our crumbling infrastructure, delivering key investment such as extending HS2 to Scotland, and investing in the industries of the future by boosting research and development.

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“Again, through the settlement on devolved funding, that would mean £20bn of additional investment in Scotland over ten years.”

He continued “Our UK national investment bank will be capitalised and built up to deliver another £250bn of lending over ten years.

“Investing in small and medium sized business, environmentally transformative projects,supporting industrial strategy and rebalancing Britain’s economy away from London and the south east.

“This could mean an additional £20bn for the Scottish economy over ten years.

“Compare that, by the way, with the measly £345m of initial capital budgeted by the SNP for their so-called Scottish investment bank.

“Taken together, our commitments over a decade could mean an additional £70bn for the Scottish economy.”

The shadow chancellor added: “If you are going to steal our ideas, for goodness’ sake, do it with a bit of style.”

He also told conference that Labour was “coming for power” and that Scotland would decide if the next UK Government was Labour of Conservative.

McDonnell said: “Let the message ring out from this conference and every Labour party meeting: we have had enough, we’re not taking any more.

“We’re coming for power and to power and we will seize it in Scotland as we will in the rest of the UK.”

The results in the 2017 general election, where Scottish Labour increased its tally of MPs from one to seven, and came second to the SNP in several other areas, had “cheered his heart”, he added

The shadow chancellor told conference: “You’ve not just won seats now, you’ve made us close to winning in many more Scottish seats that are now considered marginals.

“And it’s these seats that will hold the key to victory at the next election.

“So Scotland will decide whether we have a Labour or Tory government. You will be the people who will make the difference.”