This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/politics/2016/may/21/jeremy-corbyn-labour-economy-re-industrialisation-digital-age

The article has changed 10 times. There is an RSS feed of changes available.

Version 3 Version 4
Labour government will 'rewrite the rules' of the economy, says McDonnell Labour government would 'rewrite the rules' of the economy
(35 minutes later)
A future Labour government will rewrite the rules of the economy, the shadow chancellor, John McDonnell, said as he accused the Blair and Brown administrations of making Britain a “tax haven for the super-rich”.A future Labour government will rewrite the rules of the economy, the shadow chancellor, John McDonnell, said as he accused the Blair and Brown administrations of making Britain a “tax haven for the super-rich”.
Speaking at the party’s state of the economy conference in central London on Saturday, McDonnell said Labour must aspire to be another great reforming government when it returned to power.Speaking at the party’s state of the economy conference in central London on Saturday, McDonnell said Labour must aspire to be another great reforming government when it returned to power.
He said the last Labour government relied too heavily on tax revenues from financial services but failed to clamp down on tax evasion and avoidance.He said the last Labour government relied too heavily on tax revenues from financial services but failed to clamp down on tax evasion and avoidance.
Labour has drawn up a fiscal credibility rule in conjunction with economists from its economic advisory council. It aims to close the deficit on day-to-day spending over a five-year period as well as ensuring the government can invest.Labour has drawn up a fiscal credibility rule in conjunction with economists from its economic advisory council. It aims to close the deficit on day-to-day spending over a five-year period as well as ensuring the government can invest.
In measures intended to help solve the housing crisis, McDonnell said a Labour government would give councils the power to impose rent controls. He also reiterated the party’s plan to build 100,000 new council houses a year, funded from housing benefit savings.In measures intended to help solve the housing crisis, McDonnell said a Labour government would give councils the power to impose rent controls. He also reiterated the party’s plan to build 100,000 new council houses a year, funded from housing benefit savings.
The shadow chancellor accused Britain’s banks of continuing to pump money into the property market while failing to invest in the “productive economy”.The shadow chancellor accused Britain’s banks of continuing to pump money into the property market while failing to invest in the “productive economy”.
There was a need to change the way capitalism in Britain worked, McDonnell told the audience. “Previous Labour governments were content to only think about how to redistribute income. Today, technological change means we have to think more closely about ownership,” he said.There was a need to change the way capitalism in Britain worked, McDonnell told the audience. “Previous Labour governments were content to only think about how to redistribute income. Today, technological change means we have to think more closely about ownership,” he said.
“I’ve spoken before of moving beyond the Tory right to buy and creating a Labour right to own. This can be at the centre of our offer to Britain – a radical decentralisation of economic power and authority back to working people and local communities.”“I’ve spoken before of moving beyond the Tory right to buy and creating a Labour right to own. This can be at the centre of our offer to Britain – a radical decentralisation of economic power and authority back to working people and local communities.”
Jeremy Corbyn will address the conference on Saturday afternoon and will tell big business that Labour will “always seek to distribute the rewards of growth more fairly”.Jeremy Corbyn will address the conference on Saturday afternoon and will tell big business that Labour will “always seek to distribute the rewards of growth more fairly”.
Shopfloor-workers, entrepreneurs and technicians should be put in the driving seat, the Labour leader will say as he calls for a “new economics”.Shopfloor-workers, entrepreneurs and technicians should be put in the driving seat, the Labour leader will say as he calls for a “new economics”.
Related: Osborne's focus on UK's deficit deters scrutiny of his weak economic planRelated: Osborne's focus on UK's deficit deters scrutiny of his weak economic plan
Corbyn will say “bold and ambitious” action must be taken to build a fairer economy: “Building an economy for the future requires bold ambition – a new economics.”Corbyn will say “bold and ambitious” action must be taken to build a fairer economy: “Building an economy for the future requires bold ambition – a new economics.”
“We want to see a break with the failed economic orthodoxy that has gripped policy makers for a generation. And set out a clear vision for a Labour government that will create an economy that works for all, not just the few,” Corbyn will say.“We want to see a break with the failed economic orthodoxy that has gripped policy makers for a generation. And set out a clear vision for a Labour government that will create an economy that works for all, not just the few,” Corbyn will say.
“We want to see a genuinely mixed economy of public and social enterprise, alongside a private sector with a long-term private business commitment, that will provide the decent pay, jobs, housing, schools, health and social care of the future.“We want to see a genuinely mixed economy of public and social enterprise, alongside a private sector with a long-term private business commitment, that will provide the decent pay, jobs, housing, schools, health and social care of the future.
“Labour will always seek to distribute the rewards of growth more fairly. But to deliver that growth demands real change in the way the economy is run.“Labour will always seek to distribute the rewards of growth more fairly. But to deliver that growth demands real change in the way the economy is run.
“Only an economy that is run for all wealth creators – the technicians, entrepreneurs, designers, shopfloor workers, and the self-employed – and that puts them in the driving seat is going to deliver prosperity for all.”“Only an economy that is run for all wealth creators – the technicians, entrepreneurs, designers, shopfloor workers, and the self-employed – and that puts them in the driving seat is going to deliver prosperity for all.”
The economists Ha-Joon Chang and Jonathan Portes along with Adam Marshall, acting director-general of the British Chambers of Commerce, and the Unite general secretary, Len McCluskey, are all expected to attend the conference.The economists Ha-Joon Chang and Jonathan Portes along with Adam Marshall, acting director-general of the British Chambers of Commerce, and the Unite general secretary, Len McCluskey, are all expected to attend the conference.