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Labour conference: Jeremy Corbyn vows to end 'greed-is-good' culture Labour is 'ready' to govern, Jeremy Corbyn tells party conference
(35 minutes later)
Labour leader Jeremy Corbyn has promised to sweep away the "greed-is-good" culture that caused the 2008 economic crash if he wins power. Labour is "ready" to start work on a "radical plan to rebuild and transform our country", Jeremy Corbyn has told his party conference.
He said the "old way of running things" had suppressed wages, led to "damaging" cuts and fuelled racism. The Labour leader vowed to end the "greed-is-good" culture that has dominated politics and "kickstart a green jobs revolution".
Ending Labour's conference in Liverpool, Mr Corbyn also promised a "green jobs revolution". "We represent the new common sense of our time," Mr Corbyn told the Labour faithful in Liverpool.
And he offered to "reach out" to Theresa May on Brexit if she backed his approach. Labour is hoping to force a general election within months.
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 spoke for more than an hour, setting out his vision for a "fairer society under Labour" to enthusiastic support in the hall.
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 we meet this time next year let it be as a Labour government. Investing in Britain after years of austerity and neglect and bringing our country together after a decade of division," he told delegates, to cheers.
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. He told them "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.
"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. "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.
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. "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.
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. "People in this country know - they showed that in June last year - that the old way of running things isn't working any more."
"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. Labour members voted on Tuesday to keep all options on the table - including a fresh referendum - if there is no Brexit deal with Brussels.
"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." Mr Corbyn said in his speech he would support Theresa May on Brexit - if she got a "sensible" deal that included a customs union that prevented the return of a hard border in Northern Ireland and protected workers' rights.
Press criticism He said Labour would vote against the PM's Chequers plan "or whatever is left of it" and oppose leaving the EU without a deal, which he said would be a "national disaster".
But he told Mrs May: "If you deliver a deal that includes a customs union and no hard border in Ireland, if you protect jobs, people's rights at work and environmental and consumer standards - then we will support that sensible deal.
"A deal that would be backed by most of the business world and trade unions too.
"But if you can't negotiate that deal then you need to make way for a party that can and will."
This call, delivered with venom by Mr Corbyn, went down well in the hall. Delegates gave their leader a standing ovation and there was an outbreak of "Oh, Jeremy Corbyn".
Mrs May has consistently ruled out a customs union with the EU after Brexit.
The Labour leader also used his speech to announce plans to create 400,000 skilled jobs with new investment in fresh wind farms and insulation for homes.
He pointed to Labour's commitment to reduce the UK's net carbon emissions by 60% by 2030 - and to zero by 2050.
Labour's energy plans would "make Britain the only developed country outside Scandinavia to be on track to meet our climate change obligations", said Mr Corbyn.
And they would bring "skills and security to communities held back for too long", in all parts of the UK.
Turning to the row over anti-Semitism in Labour, Mr Corbyn said it 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.
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.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". He promised "no more reckless wars of intervention" like those in Iraq and Libya if Labour wins power.
And 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".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".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."
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.
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.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. Labour has used its week in Liverpool to announce a string of new policies, building on those contained in its 2017 general election manifesto.
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.
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.
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.
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 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".
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".