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Pete Lawrence - 22 Nov 2016


He vowed Labour would be "on the side of the innovators, entrepreneurs and investors", saying its investment bank plans would "unleash the creativity and potential of entrepreneurial Britain".

Labour leader Jeremy Corbyn delivered a warmly applauded speech to the CBI yesterdy. he said "In my speech, I outlined Labour's better alternative to intervene in the economy for the common good. Labour wants to engage with businesses and workers at all levels to design an industrial strategy that meets the needs of 21st century Britain."

Corbyn promised that the Labour party will work with business leaders if they "live up to their side of the deal", saying that his party would invest in infrastructure but expected action on low wages and workers' rights in return, while there would also be an increase in corporation tax.

He told the CBI that Labour's planned "national investment bank" would boost lending to small and medium-size firms.

Mr Corbyn told delegates at the CBI's conference he would not tell them how to run their organisations but would not "stand back when there is injustice in the workplace or the boardroom".

He warned of "real problems" in today's jobs market, citing low wages, insecure temporary contracts and the gender pay gap.

"For too many families in Britain increasingly insecure work means they cannot plan for their future, or how to pay the bills, mortgage or rent," he said.

"There are far, far too many people struggling to make ends meet".

Mr Corbyn joked he and the CBI would both have been "shocked" if they had been told two years ago he would be addressing the conference, but he stressed that Labour had "plenty of common ground" with the organisation.

He said both the Brexit vote and the election of Donald Trump in the United States represented "an unmistakable rejection of a political establishment and an economic system which hasn't been working for most people.

He said Labour would increase investment in green technology and boost house building. Labour's "settlement for business", he said, "will mean some increase in corporation tax while maintaining one of the lowest rates in the world".Corbyn added: "But see it as a sound investment not only in your own business's long-term future but for the common good of the country."

Mr Corbyn also warned of a "chaotic" Brexit and said Labour would campaign for Britain to "retain full access to the single market".


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