Jeremy Corbyn will on Friday pledge to create a Bank of the North to stimulate a “high skilled, high tech, low carbon economy”.
The Labour leader is speaking in Sunderland, a region that surprised many Remain campaigners by voting for Brexit.
Corbyn is expected to say: “Under my leadership, a Labour Government will create a ‘Bank of the North’ so that no community in the North is left behind.”
“This would help to deliver infrastructure, manufacturing and new industries backed up by a publicly-owned National Investment Bank and regional banks.”
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“Our plan is to build a high skilled, high tech, low carbon economy which has the potential to unlock 100,000 additional secure jobs across the North East.”
Corbyn’s promise of a Bank of the North isn’t the first such scheme. The Coalition Government set up the state-owned British Business Bank to increase finance available to small businesses, and the UK Green Investment Bank to finance investment in environmentally-friendly development.
In July, the shadow Chancellor John McDonnell pledged to create a national investment bank worth £500bn, of which £350bn would be publicly funded.
Corbyn’s rival, Owen Smith, has also committed to a national investment bank.