Jeremy Corbyn outlines Labour's vision of a 'new economics'

Jeremy Corbyn outlines Labour's vision of a 'new economics'

Labour will get to distribute the rewards of growth a lot of fairly, Jeremy Corbyn has said, as he set out his party's plans for the economy.

Addressing activists, he called for a "mixed economy of public and social enterprise... a non-public sector with a long-run private business commitment".

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

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

Labour attacks 'skyrocketing' rent rises Osborne warns Brexit can hit house costs.

At Labour's "state of the economy" conference in west London, Mr Corbyn set out his need to reform capitalist economy and same his party required to "deliver the new economy that this country needs".

"An economy that starts by tackling the grotesque levels of difference among our society," went on Mr Corbyn.

"An economy that ensures every young person has the opportunities to maximise their talent which produces the high-

skilled, high-value, secure jobs they need. An economy that delivers new, more democratic forms of possession and a zero-carbon economy that protects the environment."

'Bold ambition'

Mr Corbyn same a planned National Investment Bank would boost the UK's infrastructure.

"Building an economy for the future needs daring ambition, he said. "A new economics."

He said: "Wealth creation is a good thing: we have a tendency to all need bigger prosperity. But let USA have a significant discussion concerning however wealth is made and the way that wealth ought to be shared."

Analysis

By Chris Mason, BBC News political correspondent

Having survived, so far, the rumblings of mutiny among fellow Labour MPs, both the party leader Jeremy Corbyn and his shadow chancellor John McDonnell square measure determined to begin coming out their economic pitch.

Mr Corbyn referred to as it "a new economics". Mr McDonnell represented his aim as being no less than the "fundamental business of reforming capitalism".

So nowadays was massive on vision, but short on new detail. Perhaps no surprise with the next election, in all likelihood, not until 2020.

No one can doubt their ambition: "I need USA to surpass even the Clement Attlee government for radical reform," the shadow chancellor said, a reference to the administration that founded the NHS.

But to do that, they have to win ensuing election.

Will Labour MPs place up with them for long enough therefore they will fight that election? And if they are doing, can Messrs Corbyn and McDonnell sell such a left wing, socialist pitch to the electorate?

In his speech, Mr McDonnell same Labour would not win ensuing election unless it showed it absolutely was a accountable steward of public cash.

"We can reject the dreadful alternative of self-discipline and maintain solid government finances," he said.

Councils would be given the ability to limit "skyrocketing" rent increases, he added, pledging to help individuals "at the mercy of AN unforgiving, unrestrained housing market".

'Intervention needed'

The measures put forward at the conference are going to be subject to consultation, and will not right away become party policy.

They include powers to regulate non-public rent rises - almost like those pledged by former Labour leader impotency Miliband within the party's unsuccessful election campaign - below the speed of inflation for the length of a residency.

Critics previously same Labour's pre-election proposals would scale back investment in housing stock.

Mr Corbyn same government intervention was required to solve the housing crisis.

The "local rent regulation" suggested by man McDonnell would be obtainable to councils in every space, rather than set nationally.

The National Landlords Association welcomed Labor's focus on creating housing cheaper however warned the party to not "pull the furnishings from beneath the feet of accountable landlords", while new Labor city manager of London, Sadiq Khan, told the BBC he did not favor rent controls within the capital.

Addressing the Labor proposals on housing, a Department for Communities and Local Government representative same the govt. was "creating an even bigger and higher non-public rented sector".

"These proposals for excessive state regulation would destroy investment in new housing, push up prices and build it way tougher for individuals to realize a flat or house to rent," she said.