Jeremy Corbyn will announce 10 policies that he says will 'rebuild and transform Britain'

Jack Taylor / Stringer

Labour leader Jeremy Corbyn will announce ten policies that will "rebuild and transform" the country in a speech in east London on Thursday morning.

Corbyn, who is going head-to-head with Labour MP Owen Smith in a party leadership election, will promise to commit a whopping £500 billion to investment in transport and communications infrastructure.

He will also pledge to establish a £250 billion "investment bank"- which supported by a network or regional development banks - will empower areas outside of London to fund their own destinies.

"The prosperity that a few enjoy is not shared by the many," Corbyn will say. "Our economic model is broken. But 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."

Corbyn will speak in Dagenham, east London as part of his campaign to become re-elected as leader of the Labour Party. The under-pressure leader is fighting for his office after the parliamentary Labour Party launched a coup against his leadership in June. The majority of his own MPs voted for a "no confidence" motion and most of his shadow cabinet resigned.

Smith, who has promised to make Labour a viable electoral force again as the party performs terribly in the opinion polls, revealed 10 policies of his own last week. He promised to introduce a "wealth tax" on the richest 1% of Britons and said he would bring about a "workplace revolution" which would see, for example, zero hour contracts abolished.

Corbyn is the overwhelming favourite to win the September contest as he enjoys high levels of support among the party membership. Smith, on the other hand, is the proffered choice among most Labour MPs.

The result of the Labour leadership election will be announced on September 24.

Business Insider will be in attendance at Thursday's press conference.