Jeremy Corbyn will take Britain back to the 1970s by nationalising industries, forcing wage caps on businesses and giving huge power to the unions if he gets into power, a leaked copy of Labour's draft manifesto reveals.

The 43-page document, obtained by the Daily Telegraph, shows that Mr Corbyn plans to nationalise energy, rail and mail and will introduce a 20:1 pay cap for businesses.

The manifesto says Mr Corbyn is committed to achieving a "nuclear free world" and is "extremely cautious" about using Britain's nuclear deterrent.

The Labour leader will only send the armed forces into combat if "all other options have been exhausted", the copy of the manifesto states.

It also says that Labour will rule out a "no deal" Brexit and refuse to set a migration target, in a move that is likely to drive away its traditional supporters who voted Leave in the EU referendum.

The party will also create a Ministry of Labour to hand more power to trade unions, stating: "We are stronger when we stand together".

Pay bargaining and increased unionisation across the workforce will also be introduced according to the draft plan.

The party will fund its socialist agenda though a huge programme of increased tax and £250billion of borrowing over the next decade with more spending on education and health and big levies on business and industry.