Corbyn: I am a threat to economy

JEREMY Corbyn has admitted Labour poses an ‘existential threat’ to the economy.

The Labour leader said the system was broken and ‘doesn’t work for most people’.

In a speech to the Co-operative Party conference at the weekend, he said the economy was ‘failing to deliver’ secure jobs, secure housing and a rise in living standards.

He told the audience: ‘The Chancellor Philip Hammond says that Labour poses an “exis- tential challenge to our economic model”. He’s absolutely right, we do. I am not going to sit back when their economic model allows homelessness to double, four million children to live in poverty and over a million older people not getting the care they need.’

He also argued that new technology such as robots has led to ‘a more rapacious and exploitative form of capitalism’.