Jeremy Corbyn vows to end 'greed is good' capitalism

Jeremy Corbyn will today vow to bring an end to the "greed is good" culture which led to the financial crash 10 years ago.

The Labour leader will take a swipe at the "political and corporate establishment" who "strained every sinew" to prop up the system after the banking sector almost collapsed in 2008 rather than making the necessary changes to make sure it never happens again.

Corbyn will also vow that a Labour government would launch a "green jobs revolution" to ensure the UK hits its environmental targets while helping to create a sustainable, low-carbon economy.

In his keynote address to his party's annual conference in Liverpool, Corbyn will say: "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.

"That's why Labour is offering a radical plan to rebuild and transform Britain."

Mr Corbyn will pledge that under Labour, the UK would reduce net carbon emissions by 60% by 2030 and get rid of them entirely by 2050 - creating 410,000 new jobs in the process.

He will say a Labour government would use £12.8bn from a National Transformation Fund to increase offshore wind energy by seven times, double onshore wind, treble solar and make all homes energy efficient.

Mr Corbyn will say: "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.

"That means working with unions representing the workforce to ensure jobs and skills are protected as we move towards a low-carbon economy.

“And it means working with industry to change the way we build, and to train the workforce to retrofit homes and work in the industries we will build.

“It needs a government committed to investing in renewables, in jobs and in training.

“I can announce today that Labour will kickstart a green jobs revolution."

But energy minister Claire Perry said: "We have already reduced greenhouse gas emissions by over a fifth and helped secure the Paris climate change deal, ensuring that we protect our environment for future generations.

"This is the 37th unfunded promise Labour have made since the last election. Labour’s ideas have all failed before and would leave the country struggling with more debt, more waste and ordinary working people paying for it – just like last time."

Elsewhere in his speech, Corbyn is expected to announce that Labour would massively expand free childcare to all two, three and four-year-olds.