Jeremy Corbyn promises 100,000 new jobs in the North East

The Labour leader spoke in Sunderland about his investment plans. 

NS

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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.”

“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. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.