A LABOUR government will put the interests of workers and taxpayers ahead of shareholders, Jeremy Corbyn said on Saturday as he set out his “bold and ambitious” vision for the economy.

Speaking at Labour’s New Economy conference, he said the party will break with the present “failed economic orthodoxy” and “create an economy that works for all, not just the few.”

“We want to see a genuinely mixed economy of public and social enterprise, alongside a private sector with a long-term private business commitment, that will provide the decent pay, jobs, housing, schools, health and social care of the future,” said Mr Corbyn. 

“Labour will always seek to distribute the rewards of growth more fairly. But to deliver that growth demands real change in the way the economy is run.

“Change that puts the interests of the public, the workforce and the wider economy ahead of short-term shareholder interest.”

Mr Corbyn said that “wealth creation is a good thing” but Britain needed a debate about how growth was created and how the proceeds were shared. 

He said: “It is a co-operative process between workers, public investment and services and, yes, often very innovative and creative individuals and businesses.

“So if wealth creation is a shared process, then the proceeds must be shared too.”

The Labour leader said a “new settlement” with big business was needed that would see the government increase infrastructure investment but require them to improve pay and conditions for workers in return.