Labour will create one million good quality jobs to unleash “the untapped potential of every part of the country” if the party wins next week’s General Election.
In a speech in Yorkshire on Friday, Jeremy Corbyn will highlight plans to pump £250 billion into industry through a new National Investment Bank and create a network of Regional Development Banks and a National Transformation Fund.
However, Conservative Chancellor Philip Hammond has warned that Labour would instead destroy jobs with their plans for raising taxes and borrowing.
The Labour leader’s speech will be a further effort to focus the election debate on domestic policy rather than the themes of leadership and Brexit which are dominating the Conservatives’ campaign.
Mr Corbyn is set to say that years of Conservative rule have resulted in stagnating productivity, falling public sector net investment and average wages forecast to be lower in real terms in 2021/22 than their 2007/08 level.
The 68-year-old will set out plans for an industrial strategy designed to:
Mr Corbyn will say: “When Labour talks about job creation we mean decent jobs, jobs which pay a real living wage, which people can get by on, and which give people a sense of pride and purpose.
“Labour will invest to drive growth across the whole of Britain, creating wealth which is shared across our country, rather than concentrated in the hands of the few.
“Labour will ensure people are not held back. We will build an economy where everyone shares in the creation of wealth as well as its distribution.
“Under the Conservatives, the richest have got richer, while most people’s incomes have fallen or stagnated.
“Labour’s plans will make sure everyone shares in our country’s wealth.”
Ahead of the planned speech Mr Hammond responded by saying: “Jeremy Corbyn will not create jobs, he will destroy them.
“His reckless plans for higher taxes and more borrowing will wreck the economy and we will all pay the price.
“We have made real progress in fixing the mess we inherited from Labour, helping businesses create 2.9 million more jobs so there are a record number of people in work.
“With Theresa May as Prime Minister providing strong leadership, we can lock in that progress and deliver on her plan for Brexit to create a stronger, more prosperous Britain.
“But all of this is at risk if Jeremy Corbyn becomes prime minister, negotiating Brexit at the head of a coalition of chaos – and it only takes a loss of six seats for Theresa May for that to happen.”