Tory Chancellor of the Exchequer Philip Hammond called the Labour Party an "existential challenge to our economic model"; to which Labour leader Jeremy Corbyn said, that is "absolutely right" and that Labour would destroy the current model, which "allows homelessness to double, 4 million children to live in poverty and over a million older people not getting the care they need."

Corbyn says that the Tories are using Brexit to turn the UK into a deregulated tax haven and an exporter of financial secrecy, but a Labour government would institute policies that would allow Uber drivers to replace rapacious rent-seeking intermediaries with "an Uber run co-operatively by their drivers, collectively controlling their futures, agreeing their own pay and conditions, with profits shared or re-invested."

Corbyn will cite evidence from the party's new report on alternative models of ownership, which he said will examine how the benefits of the digital age and the "rise of the robots" can benefit both workers and customers, through a shorter working week and by putting the ownership and control of the robots in the hands of those who work with them. "We don't claim to have all the answers, but are thinking radically about how we can use the power of new technology in the coming decades to make our economy work for us all," he will say.

Corbyn: Hammond right to say Labour threatens whole economic system

[Jessica Elgot/The Guardian]

(Image: Rwendland, CC-BY-SA)