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Corbyn: Tory austerity failed approach

Leader of the opposition Labour Party Jeremy Corbyn waves as he takes the stage to address delegates on the third day of the annual Labour Party Conference in Brighton, south east England, on September 29, 2015. ( ©AFP )

UK Labour Party leader has slammed the Tory government’s austerity policy, calling it “the failed approach of the past.”

Jeremy Corbyn made the comments at a Labour Party conference on Tuesday.

During his first conference speech as the leader of the Labour Party, Corbyn said he would not stop being an “activist”.

He also reiterated that he would not impose "leadership lines" on his party.

Corbyn also said he was "unapologetic about reforming our economy to challenge inequality and protect workers better."

Labour Party leader also said people should not have to accept what was given to them by global corporations, and there should be no limit on what they could achieve.

"We are a rich country. These things are not necessary or inevitable. They can and must be changed,” he reiterated.

"How dare these people talk about security for families and people in Britain? There's no security for the 2.8 million households in Britain forced into problem debt by stagnating wages and the Tory record of the longest fall in living standards since records began," he was quoted as saying by the British media.

"And that's the nub of it. Tory economic failure. An economy that works for the few, not for the many," Corbyn added.

He also described solving the housing crisis as a "top priority".

Meanwhile, Rodeny Shakespeare, a London-based political expert rejected the idea that austerity policy will resolve the existing economic problems.

“The existing economic policy, not only in the UK, but also in Europe, is based upon the assumption that everything will recover. That is fundamentally wrong. The system is malformed and now is moving towards destruction. The idea that austerity would solve the problem is utterly false. At least 30% of the population are feeling economically insecure and their insecurity is going to increase,” he told Press TV on Tuesday.

Shakespeare also pointed to the deepening housing crisis in the UK and said the crisis can be resolved through social housing.

“There is a massive housing shortage in the UK for the ordinary people. We need social housing and the way to do it is using interest-free loans…,” he noted.  


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