Jeremy Corbyn addresses the Labour Party conference: All you need to know
The Labour leader will vow to end “greed-is-good capitalism” in his closing speech.
Jeremy Corbyn will deliver his keynote address to the Labour Party conference later. Here is all you need to know about the major speech.
Greed is (not) good
The Labour leader is set to denounce “greed-is-good capitalism”, accusing the “political and corporate establishment” of propping up the financial system which caused misery to millions following the crash of 2008. The Labour party is ready to deliver “the radical plan we need to rebuild and transform Britain”, Mr Corbyn will say, telling delegates: “The old way of running things isn’t working anymore.”
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 Jeremy Corbyn
What is he proposing?
Mr Corbyn and shadow chancellor John McDonnell have set out a range of policies to reverse inequalities in wealth and economic power over the conference. They have ranged from workers in the boardroom to employee shareholding funds and new taxes on second homes. They have also proposed bringing several industries, such as water, back under public ownership, as well as the railways.
A green revolution
In his speech, the Labour leader will also outline plans for a “green jobs revolution” to create 400,000 skilled posts. He will also promise large-scale public and private investment in wind and solar power, as well as subsidies to make all homes energy efficient. Changes to planning guidance will aim to encourage private investment to double onshore wind power over 12 years, while offshore wind will be increased sevenfold and solar power threefold.
What about Brexit?
Mr Corbyn’s speech comes at the end of a four-day conference which has been dominated by the issue, although Labour’s plans for the economy play the central role in his speech. On Tuesday, shadow Brexit secretary Sir Keir Starmer won a standing ovation when he declared that no-one was ruling out the option of Remain in a future public vote, and the motion to keep a referendum “on the table” was passed overwhelmingly.
Where have we heard “greed is good” before?
The phrase echoes Gordon Gekko, the villainous stockbroker played by Michael Douglas in 1987 blockbuster Wall Street. The fable of ruthless avarice earned Douglas an Oscar , while his character became symbolic of the darker side of the financial world. “Greed, for lack of a better word, is good,” Gekko declares. “Greed is right. Greed works.”