Labour will seek to distribute the rewards of growth more fairly, Jeremy Corbyn has said, as he set out his party’s plans for the economy.

 

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Addressing activists, he called for a “mixed economy of public and social enterprise… a private sector with a long-term private business commitment”.

He said a Labour government would break from the “failed economic orthodoxy”.

Shadow chancellor John McDonnell said Labour would build 100,000 council homes a year and boost home ownership.

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At Labour’s “state of the economy” conference in west London, Mr Corbyn set out his desire to reform capitalism and said his party needed to “deliver the new economy that this country needs”.

“An economy that starts by tackling the grotesque levels of inequality within our society,” went on Mr Corbyn.

“An economy that ensures every young person has the opportunities to maximise their talent and that produces the high-skilled, high-value, secure jobs they need. An economy that delivers new, more democratic forms of ownership and a zero-carbon economy that protects our environment.”

‘Bold ambition’

Mr Corbyn said a proposed National Investment Bank would boost the UK’s infrastructure.

“Building an economy for the future requires bold ambition, he said. “A new economics.”

He said: “Wealth creation is a good thing: We all want greater prosperity. But let us have a serious debate about how wealth is created and how that wealth should be shared.”