The Labour leader pledged in 2020 to bring rail, mail, water, and energy back into common ownership - but said he now takes a 'pragmatic approach' and agreed with his shadow chancellor who said the policy is no longer compatible with their strategy.
"Our economy is weaker than our competitors, less resilient, brittle, and ultimately we are all poorer for it," he told Labour supporters in Liverpool."There is no task more central to my ambitions for Britain than making the country and its people better off."
They would only borrow to invest in challenges of the future such as climate change, and would set a target to reduce debt. And borrowing the Conservatives'"levelling up" phrase, he said Labour would not do it"from the centre", while reforms will allow devolved and local government to make"long-term financial decisions" beyond the political cycle.
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