Jeremy Corbyn promises £500 billion of investment in a campaign he says can win a general election

Corbyn pledges £500bn in public spending

Jeremy Corbyn has promised £500 billion of investment over the next 10 years, in a speech outlining his vision for Britain.

He launched 10 pledges he hopes will "rebuild and transform" the country, which include imposing a rent control on private landlords, introducing a living wage "without exceptions" and "re-nationalising" the NHS.

In his speech in Dagenham, Corbyn said his campaign was one for "the entire population". "This is a preparation for a general election when we can win that general election and produce decency and real opportunity for everybody in our society," he said.

Corbyn pledged a "National Investment Bank" of £500 billion that would fund many of his policies.

"The prosperity that a few enjoy is not shared by the many, our economic model in Britain is broken," said the Labour leader.

"We could all be living richer lives," he said. "For too long many communities in Britain have been neglected."

Labour leader Jeremy Corbyn.
(Anthony Devlin/PA)

He criticised the Tories for their "failed austerity model of turbo Thatcherism", accusing them of living "in a different world". He was referring to the Conservative Party's starter homes, which start at £250,000 - far too expensive in Corbyn's eyes.

He said the NHS was on the "brink of disaster" as a result of privatisation, something he would seek to stop.

Labour leader Jeremy Corbyn.
(Scott Heppell/PA)

His so-called "renationalisation" of the NHS is a theme that runs through his campaign - he would seek to curb energy bill rises for households, bring the railways into public ownership and introduce a more progressive tax system.

The speech comes after it was announced that Corbyn will face challenger Owen Smith in a live head-to-head debate tonight - the first of its kind in this year's leadership contest.

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