Corbyn To Attack New Labour On 'Cash Cow' Banks

Jeremy Corbyn will blame his New Labour predecessors for helping to foster the climate which led to the recent economic crisis.

In a speech to the British Chambers of Commerce annual meeting he is expected to say City banks have been allowed to become an "extractive" industry which treats workers as "cash cows".

"The New Labour approach was to opt for 'light touch regulation' of finance - and then sit back and collect the tax revenues. But you cannot base a decent social policy on an unsustainable economic policy," he will tell delegates.

"And we cannot outsource economic policy to the City of London. That has not served our economy well, and it has not served business well."

This is Mr Corbyn's first public attempt to woo British businesses,  which he appears to be doing at the expense of the City and a "failed economic orthodoxy".

He will argue for a rebalancing of the economy which requires a boost in public investment for science, technology and green industries.

The Labour leader will also call for the Prime Minister to end his policy of slimming government and allowing big business to operate without social responsibilities.

"Only an economy that is run for the wealth creators - the technicians, entrepreneurs, designers, shopfloor workers, and the self-employed - and puts in them in the driving seat is going to deliver prosperity for all," he will argue.