Owen Smith today pledges a £200bn investment package to help rebuild Britain and reveals the campaign materials that he hopes will propel him to the Labour leadership.

The former shadow Cabinet minister launches his official campaign with a plan for a New Deal to “begin to make up for years of Tory austerity”.

He has chosen “Labour’s future” as his campaign strap line as he aims to unite the party after months of turmoil. Smith faces a competition with Angela Eagle to become the sole backbench MP to take on Jeremy Corbyn, whose place on the ballot was confirmed last week.

“Labour’s future is on the line” Smith tells LabourList today.

“If we’ve got any chance of defeating the Tories, we need to unite as a party and offer voters a positive vision for the future. One that’s radical but also one that understands the power of parliament to change people’s lives for the better.

“Later today, I’ll start to lay out my vision in more detail, starting with a massive £200bn investment package to rebuild Britain. A British New Deal that’ll radically improve the lives of ordinary families across the country and begin to make up for years of Tory austerity.

“That’s one of many bold and fresh ideas that can help us secure Labour’s future and form the next Labour Government.”

Smith launches his campaign formally today having postponed a planned event on Friday in the aftermath of the terrorist atrocity in France.

He is expected to carry out a series of broadcast interviews in which he will sketch out his own agenda. Eagle launched her campaign last week with an offer to pull Labour out of its “dark times”.

Smith launched his campaign website www.owen2016.com at 8am today. The twitter handle for his campaign team is @OwenSmith2016.