Labour leader Jeremy Corbyn will announce 10 pledges designed to "rebuild and transform" Britain during his latest rally in London this morning (4 August). The veteran left-winger will make the commitments at the London East Business and Technical Park in Dagenham after his leadership rival Owen Smith unveiled a 25-point 'manifesto for fairness at work' on Tuesday.

Corbyn is expected to claim the UK's economic model is "broken" and he will promise a "bold" £500bn programme of investment, if Labour is voted into power at the next general election.

"There is immense potential in the skills and talents of our people, and huge opportunities ahead of us in science, technology and culture. We could all be living richer lives in a sustainable, more prosperous and more caring society," he will say.

"Labour will pledge to rebuild and transform Britain with a bold £500bn programme of investment. We will deliver the transport and communications infrastructure a modern economy needs, not just in those places where the economy already works but right across the whole country.

"We will back this up with new institutions able to deliver the investment our communities so desperately need. A new £250bn National Investment Bank, backed up with a network of regional development banks, will put power to determine their own futures back into the hands of those places outside of Westminster and the City of London."

The comments will come hours before Corbyn and Smith, the MP for Pontypridd, take part in the first hustings of the Labour leadership contest in Cardiff tonight. The live event will be aired on ITV Wales from 7pm BST in front of an audience of Labour members.

Corbyn, who attracted almost 60% of the vote at the last Labour leadership election, is favourite to win the contest. A recent poll from YouGov for The Times, of more than 1,000 Labour members between 15 and 18 July, put him on 56%, with Smith on 34% based off first preference votes.