Jeremy Corbyn will attack the “greed-is-good” approach to capitalism on Wednesday.
Speaking at the Labour party conference, the party’s leader will also declare a “green jobs revolution” that will create up to 400,000 new positions.
“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,” Corbyn will say on Wednesday.
”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. That’s why Labour is offering a radical plan to rebuild and transform Britain.”
The party leader will pledge to pump billions of pounds of public money into green industries including expansions in wind power, solar panels on every roof and a drive to insulate all UK homes.
A report published on Wednesday will also hint towards expansion in tidal power, hydrogen and nuclear in order to meet the climate change targets.
“There is no bigger threat facing humanity than climate change. We must lead by example. Our energy plans would make Britain the only developed country outside Scandinavia to be on track to meet our climate change obligations,” Corbyn will say.
“Our programme of investment and transformation to achieve a 60 percent reduction in emissions by 2030 will create over 400,000 skilled jobs, based here and on union rates, bringing skills and security to communities held back for too long.”
The party has set aside £12.8 billion in its National Transformation Fund to cover the insulation programme in its first term, with other costs being covered by the private sector.