Corbyn says he will abandon UK’s ‘failed’ economic model

The leader of UK’s opposition Labour Party has criticized the government’s "failed" economic model and has outlined his economic plans for a post-Brexit Britain.

Jeremy Corbyn said in a Bloomberg Television interview that the UK’s economic policy has failed to provide opportunities for a generation of British people.

“We’re looking very closely at the Norwegian model,” Corbyn said Thursday in London. “Not using their model, it’s learning the lessons from Norway. Maybe we can learn a lot from Norway.”

He noted that the government’s economic policy has discarded good jobs and stripped whole communities of their pride.

"We will take power out of the hands of a few elite circles in Westminster and the City of London, and give communities across the country the ability to shape their own destinies," he said.

He also criticized the UK’s Conservative leaders for not doing enough to meet the economic demands of the British people.

He called on Chancellor of the Exchequer Philip Hammond to reverse planned cuts to infrastructure spending to boost economic growth.

Corbyn also said he will reunite his party if he remains in charge of Labour after a leadership contest that will conclude on September 24.

The UK economy will suffer a sharp slowdown in economic growth over the coming months as uncertainty over the Brexit vote triggers a slump in business investment, a leading business group has warned.

The British Chambers of Commerce (BCC) now expects Britain’s economy to grow 1.8 percent in 2016, down from its previous forecast of 2.2 percent, and by 1 percent in 2017 compared with its original estimate of 2.3 percent.

On June 23, some 52 percent (17.4 million) of British people voted to leave the EU after 43 years of membership.

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