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Jeremy Corbyn promises 100,000 new jobs in the North East

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The Labour leader spoke in Sunderland about his investment plans. 

Jeremy Corbyn will on Friday pledge to create a Bank of the North to stimulate a "high skilled, high tech, low carbon economy".

The Labour leader is speaking in Sunderland, a region that surprised many Remain campaigners by voting for Brexit. 

Corbyn is expected to say: “Under my leadership, a Labour Government will create a ‘Bank of the North’ so that no community in the North is left behind.”

“This would help to deliver infrastructure, manufacturing and new industries backed up by a publicly-owned National Investment Bank and regional banks.”

“Our plan is to build a high skilled, high tech, low carbon economy which has the potential to unlock 100,000 additional secure jobs across the North East."

Corbyn's promise of a Bank of the North isn't the first such scheme. The Coalition Government set up the state-owned British Business Bank to increase finance available to small businesses, and the UK Green Investment Bank to finance investment in environmentally-friendly development.

In July, the shadow Chancellor John McDonnell pledged to create a national investment bank worth £500bn, of which £350bn would be publicly funded.

Corbyn's rival, Owen Smith, has also committed to a national investment bank. 

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