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Labour conference: Jeremy Corbyn vows to end 'greed-is-good' culture Labour conference: Jeremy Corbyn vows to end 'greed-is-good' culture
(35 minutes later)
Labour leader Jeremy Corbyn will promise to sweep away the "greed-is-good" culture that caused the 2008 economic crash if he wins power. Labour leader Jeremy Corbyn has promised to sweep away the "greed-is-good" culture that caused the 2008 economic crash if he wins power.
He will set out plans to "transform Britain" and "kickstart a green jobs revolution", in his conference speech. He said the "old way of running things" had suppressed wages, led to "damaging" cuts and fuelled racism.
This will include 400,000 skilled "green" jobs to insulate homes and build more wind farms. Ending Labour's conference in Liverpool, Mr Corbyn also promised a "green jobs revolution".
Mr Corbyn is ending Labour's conference by addressing delegates with his keynote speech in Liverpool. And he offered to "reach out" to Theresa May on Brexit if she backed his approach.
To applause in the arena, he attacked parts of the British press, saying billionaire newspapers owners did not like Labour "one little bit". Brexit has been a recurring theme of the Labour conference with delegates voting to leave the door open to another EU referendum if there is not a general election.
Mr Corbyn said the negotiations had been "botched" and said Tory Brexiteers "unite the politics of the 1950s with the economics of the 19th century, daydreaming about a Britannia that both rules the waves and waives the rules".
When Parliament is asked to approve the outcome of Brexit negotiations, Labour "will vote against any reduction in rights, standards or protections", Mr Corbyn said.
"As it stands, Labour will vote against the Chequers plan or whatever is left of it and oppose leaving the EU with no deal," he added.
Mr Corbyn offered to "reach out" to Theresa May, saying that if she delivered a "sensible" deal including a customs union - which Downing Street has ruled out - as well as avoiding a hard border in Northern Ireland and protecting jobs, he would support it.
He also said Labour would "rebalance power in the workplace", with more workers on boards, saying bosses should welcome the "expertise and understanding" they will bring.
"Ten years ago this month, the whole edifice of greed-is-good deregulated financial capitalism, lauded for a generation as the only way to run a modern economy, came crashing to earth with devastating consequences," he said.
"But instead of making essential changes to a broken economic system, the political and corporate establishment strained every sinew to bail out and prop up the system that led to the crash in the first place."
Press criticism
On foreign policy, Mr Corbyn said evidence "now points clearly to the Russian state" as being responsible for the Salisbury poisoning and promised "no more reckless wars of intervention" like those in Iraq and Libya.
He condemned the actions of Israeli forces in Gaza, calling for a "secure Israel and a viable and secure Palestinian state".
Labour would recognise a Palestinian state as soon as it takes office, he said, "in order to help make that two-state settlement a reality".
Earlier in his speech, to applause in the arena, he attacked parts of the British press, saying billionaire newspapers owners did not like Labour "one little bit".
He called on supporters to challenge their "propaganda of privilege", using "the mass media of the 21st century" - social media.He called on supporters to challenge their "propaganda of privilege", using "the mass media of the 21st century" - social media.
Freedom of the press must be protected, he said: "But here, a free press has far too often meant the freedom to spread lies and half-truths, and to smear the powerless, not take on the powerful."Freedom of the press must be protected, he said: "But here, a free press has far too often meant the freedom to spread lies and half-truths, and to smear the powerless, not take on the powerful."
Mr Corbyn said the row over anti-Semitism in Labour had caused "immense hurt and anxiety" and there was a standing ovation as he told Jewish people: "We are your ally."Mr Corbyn said the row over anti-Semitism in Labour had caused "immense hurt and anxiety" and there was a standing ovation as he told Jewish people: "We are your ally."
Being anti-racist was "integral to our very being", he went on, adding that he would not accept being accused of anti-Semitism by "Tory hypocrites", criticising the government's "hostile environment" immigration policies and MEPs' "support" for the Hungarian government of Viktor Orban.Being anti-racist was "integral to our very being", he went on, adding that he would not accept being accused of anti-Semitism by "Tory hypocrites", criticising the government's "hostile environment" immigration policies and MEPs' "support" for the Hungarian government of Viktor Orban.
On the environment, Mr Corbyn will point to Labour's commitment to reduce the UK's net carbon emissions by 60% by 2030 - and to zero by 2050. Mr Corbyn said Labour would put "fairness and humanity" back into public services, pointing to pledges to increase the number of police officers and expand free childcare.
On the environment, Mr Corbyn pointed to Labour's commitment to reduce the UK's net carbon emissions by 60% by 2030 - and to zero by 2050.
Much of the money to pay for the policy will come from the public purse - such as the £12.8bn Labour says it will set aside for subsidies to insulate homes in Labour's first term.Much of the money to pay for the policy will come from the public purse - such as the £12.8bn Labour says it will set aside for subsidies to insulate homes in Labour's first term.
The party says this policy alone will create 160,000 new jobs. There will also be subsidies for offshore and onshore wind and solar energy.The party says this policy alone will create 160,000 new jobs. There will also be subsidies for offshore and onshore wind and solar energy.
But the private sector will be encouraged to invest in onshore wind through changes to planning guidance - and landlords will be forced to invest in retrofitting older properties.But the private sector will be encouraged to invest in onshore wind through changes to planning guidance - and landlords will be forced to invest in retrofitting older properties.
He will also use his speech in Liverpool to announce proposals for more free childcare in England.
The conference week has been dominated by Brexit, with Labour members voting on Tuesday to keep all options on the table - including a fresh referendum - if there is no deal with Brussels.The conference week has been dominated by Brexit, with Labour members voting on Tuesday to keep all options on the table - including a fresh referendum - if there is no deal with Brussels.
But the party has also announced a string of new policies, building on those contained in its 2017 general election manifesto.But the party has also announced a string of new policies, building on those contained in its 2017 general election manifesto.
Shadow chancellor John McDonnell unveiled plans to force large companies to give staff 1% of their shares a year, netting them up to £500 a year each.Shadow chancellor John McDonnell unveiled plans to force large companies to give staff 1% of their shares a year, netting them up to £500 a year each.
He also set out plans to "democratise" the economy by renationalising the water industry, which he said would hand power to workers, consumers and local councils.He also set out plans to "democratise" the economy by renationalising the water industry, which he said would hand power to workers, consumers and local councils.
Further nationalisations - of the rail, mail and energy industries - would follow under a Labour government.Further nationalisations - of the rail, mail and energy industries - would follow under a Labour government.
The party is hoping for a general election within months if Theresa May's government collapses over Brexit.The party is hoping for a general election within months if Theresa May's government collapses over Brexit.
In his speech, Mr Corbyn will say "the old way of running things isn't working anymore" and Labour's better-than-expected election result last year showed voters were ready for something new.
"Ten years ago this month, the whole edifice of greed-is-good, deregulated financial capitalism, lauded for a generation as the only way to run a modern economy, came crashing to earth, with devastating consequences.
"But instead of making essential changes to a broken economic system, the political and corporate establishment strained every sinew to bail out and prop up the system that led to the crash in the first place.
"People in this country know - they showed that in June last year - that the old way of running things isn't working any more."
Labour's energy plans would "make Britain the only developed country outside Scandinavia to be on track to meet our climate change obligations," Mr Corbyn will say.
And they will bring "skills and security to communities held back for too long", in all parts of the UK.
The government has committed to reducing carbon emissions by at least 80% of 1990 levels by 2050.The government has committed to reducing carbon emissions by at least 80% of 1990 levels by 2050.
Greenpeace said Mr Corbyn's plans for a "low-carbon Britain" showed "real leadership", saying the party was taking the issue "as seriously as is needed to have any real prospect of avoiding the worst impacts of climate change here and around the world".Greenpeace said Mr Corbyn's plans for a "low-carbon Britain" showed "real leadership", saying the party was taking the issue "as seriously as is needed to have any real prospect of avoiding the worst impacts of climate change here and around the world".
But the campaign group's head of politics, Rebecca Newsom, said Labour was lagging behind the government on plans to tackle ocean pollution, adding that "we need to see much more action in other crucial areas for Labour to win the title of the greenest major party".But the campaign group's head of politics, Rebecca Newsom, said Labour was lagging behind the government on plans to tackle ocean pollution, adding that "we need to see much more action in other crucial areas for Labour to win the title of the greenest major party".