Labour will get down the deficit. But we won't do it in the same economically illiterate, self-interested and short-termist way as the Tories.

To increase the amount of tax revenue the nation takes in, Labour will sustainably grow our economy to create more decently paid, secure jobs.

We'll create a network of not-for-profit regional investment banks and end the cartel-like power of the big four banks by boosting alternative forms of finance such as credit unions, peer-to-peer lending and creating a real green investment bank (not the ineffectual organisation that goes by that name now). Then we can properly support the dynamic, entrepreneurial, small businesses so key to our future prosperity and meet the long-term financial need for investment in infrastructure, skills research and development and green technology in our own growing city economy.

For all their deficit tough talking, the Tories aren't interested in bringing in more revenue. But Labour will take real action on corporate tax evasion and avoidance and will close long-standing tax loopholes.

No matter what the cost to nation's finances, the Tories' always reward the demands of their supporters amongst the super-rich and in ?nance and huge corporations. That's why they went to court to try and prevent a cap on bankers' bonuses and why they've handed out tens of billions of tax cuts to the already rich and to huge businesses already benefiting from the developed world's lowest corporate tax regime.

Far too much of taxpayers' money goes on subsidising poverty wages and to fuel the property speculation that deprives ordinary people in our city of the chance of their own home.

To reduce our outgoings, Labour will slash the ballooning housing bene?t bill by restricting rents and by getting millions more homes built – with the emphasis on those truly affordable to rent and buy. Under the Tories, Tax Credits have become a mechanism for subsidising the poverty wages paid by their corporate friends.

With Labour, the now enormous tax credit bill would tumble because people would get a real Living Wage. I also want to save the near £200 billion cost of replacing nuclear weapons that do nothing to defend us against the real security threats of our time.

But there is one thing that Labour will not do in the name of deficit reduction. We will not continue to make the many of us pay for the consequences of an international financial crisis caused by a privileged few.

We won't stand by as public services from local mental health care and Police to vital support for our older people are starved into submission by unneeded and ideologically motivated cuts. This government's austerity agenda is a political choice not an economic necessity.