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Jeremy Corbyn outlines Labour's vision of a 'new economics' Jeremy Corbyn outlines Labour's vision of a 'new economics'
(35 minutes later)
Labour will seek to distribute the rewards of growth more fairly, Jeremy Corbyn has said, as he set out his party's "new economics" vision. 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.
Addressing activists, he called for a "mixed economy of public and social enterprise... a private sector with a long-term private business commitment".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".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.Shadow chancellor John McDonnell said Labour would build 100,000 council homes a year and boost home ownership.
Labour attacks 'skyrocketing' rent risesLabour attacks 'skyrocketing' rent rises
George Osborne warns Brexit will hit house prices Osborne warns Brexit will hit house prices
At a conference on the economy in London, Mr Corbyn set out his desire to reform capitalism and said his party needed to "deliver the new economy that this country needs". 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 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 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."
"An economy that delivers new, more democratic forms of ownership and a zero-carbon economy that protects our environment," 'Bold ambition'
'Reject austerity' Mr Corbyn said a proposed National Investment Bank would boost the UK's infrastructure.
In his speech, Mr McDonnell said Labour would not win the next general election unless it showed that it was a responsible custodian of public money. "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."
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 are determined to begin setting out their economic pitch.
Mr Corbyn called it "a new economics". Mr McDonnell described his aim as being no less than the "fundamental business of reforming capitalism".
So today was big on vision, but short on new detail. Perhaps no surprise with the next general election, in all likelihood, not until 2020.
No one can doubt their ambition: "I want us to surpass even the 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 the next general election.
Will Labour MPs put up with them for long enough for that to happen? And, if they do, can they sell such a left wing, socialist pitch to the electorate?
In his speech, Mr McDonnell said Labour would not win the next election unless it showed it was a responsible custodian of public money.
"We can reject the dreadful choice of austerity and maintain solid government finances," he said."We can reject the dreadful choice of austerity and maintain solid government finances," he said.
He highlighted reviews Labour had set up into the workings of the Treasury, HM Revenue & Customs and the remit of the Bank of England's monetary policy committee. Councils would be given the power to limit "skyrocketing" rent increases, he added, pledging to help people "at the mercy of an unforgiving, unrestrained housing market".
BBC News political correspondent Chris Mason said the shadow chancellor was seeking to take on critics that have suggested the party is only ever capable of grumbling about the government, rather than setting out an alternative. 'Intervention needed'
But he said, coming four years before the next general election, the speech was big on vision, but short on detail.
Council-backed mortgages
The measures put forward at the conference will be subject to consultation, and will not immediately become party policy.The measures put forward at the conference will be subject to consultation, and will not immediately become party policy.
They include powers to regulate private rent rises - similar to those pledged by former Labour leader Ed Miliband in the party's unsuccessful general election campaign - below the rate of inflation for the duration of a tenancy.They include powers to regulate private rent rises - similar to those pledged by former Labour leader Ed Miliband in the party's unsuccessful general election campaign - below the rate of inflation for the duration of a tenancy.
Critics previously said Labour's pre-election proposals would reduce investment in housing stock.Critics previously said Labour's pre-election proposals would reduce investment in housing stock.
Mr Corbyn said government intervention was needed to solve the housing crisis.Mr Corbyn said government intervention was needed to solve the housing crisis.
The "local rent regulation" suggested by Mr McDonnell would be available to councils in each area, rather than set nationally.The "local rent regulation" suggested by Mr McDonnell would be available to councils in each area, rather than set nationally.
The National Landlords Association welcomed Labour's focus on making housing more affordable but warned the party not to "pull the rug from under the feet of responsible landlords", while new Labour mayor of London, Sadiq Khan, told the BBC he did not favour rent controls in the capital.The National Landlords Association welcomed Labour's focus on making housing more affordable but warned the party not to "pull the rug from under the feet of responsible landlords", while new Labour mayor of London, Sadiq Khan, told the BBC he did not favour rent controls in the capital.
Mr McDonnell said there would be a new "forum" for elected mayors who are in charge of cities across the country that would look for solutions to the "housing crisis", with Labour favouring an extension of local authority-guaranteed mortgages.
"Labour would make it a mission to ensure that families and young people on ordinary incomes aren't locked out of home-ownership," he said.
He said new council homes would be a "top priority", funded by savings in the Housing Benefit bill.
Tax haven
The shadow chancellor said Labour governments under Tony Blair and Gordon Brown had relied too heavily on tax revenues from financial services, and public-private partnerships to fund infrastructure projects, and did not do enough to clamp down on tax evasion and avoidance .
"It helped create an unfair tax system," he said.
But he said in opposition, the party was holding the Conservatives to account and a future Labour government would ensure the UK would "no longer act like a tax haven for the super-rich".
Addressing the Labour proposals on housing, a Department for Communities and Local Government spokeswoman said the government was "creating a bigger and better private rented sector".Addressing the Labour proposals on housing, a Department for Communities and Local Government spokeswoman said the government was "creating a bigger and better private rented sector".
She added: "The vast majority of tenants across the country are seeing their rents remain stable, and are happy with the service they receive from landlords. "These proposals for excessive state regulation would destroy investment in new housing, push up prices and make it far harder for people to find a flat or house to rent," she said.
"These proposals for excessive state regulation would destroy investment in new housing, push up prices and make it far harder for people to find a flat or house to rent."