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The ITV News political editor, who spoke at the Cheltenham Literature Festival on Friday, also criticised Labour for being slow to act against anti-Semitism and said he had spoken to party leader Jeremy Corbyn.

Mr Peston said he regretted looking at eastern European migration purely as an economist.

"Looking back on it I got it wrong and I feel embarrassed about this," he said.

"When we had all that migration from eastern Europe, people like me focused too much on the economic benefits in terms of the rate we were growing and not enough on the experience of communities.