Previous Labour leader Ed Miliband proposed similar policies for a network of banks across the United Kingdom created to invest in local economies.
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But Mr Smith said he believed Labour had “not fought anywhere near hard enough” to speak up for Europe and that the leadership shown by Mr Corbyn “was not sufficient”.
“For these reasons I can not vote for Jeremy”.
Smith launched his most vehement attacks to date on Corbyn’s leadership, warning that he had turned it into a “protest” movement rather than a Government-in-waiting. I would be the challenger.
“Two of the more than 20 speakers raised the issue of antisemitism and I, as chair, felt the need to remind both of them of the sensitivity of this subject and the need to take care to choose their words carefully”.
“The debate we had was friendly and really useful”.
The legal challenge was brought by five new supporters who were subject to the freeze, imposed by the Labour party’s national executive committee (NEC).
It has just been revealed the UK’s third largest union, the GMB, has backed Smith.
Theresa May’s support in most strong with women aged over 55, with 68% thinking she makes the best leader for Britain and only 9% of this group thinking Jeremy Corbyn would be best.
He said: “I’m delighted and incredibly proud to get the nomination from one of our great, historic trade unions”. Among those also speaking at the event will be fellow MP Diane Abbot, student nurse Danielle Tiplady, and representatives of the Fire Brigades Union, and Communication Workers Union.
Franc David, Islington North Constituency Labour Party press officer, said only 230 members were able to fit into the hall to vote.
A row erupted between the pair on Tuesday with allies of Corbyn accusing Watson of peddling “baseless conspiracy theories”.
“I thought we could have made a much bigger argument”, he said.
“Unless the Labour Party nationally learns the lessons of how we have been so successful here in Exeter, we are never going to be in government again”, Mr Bradshaw said.
He vowed to boost housebuilding by 300,000 new homes a year across the country, including 150,000 social homes, for the next four years.
The bank would provide well-paid, secure jobs for those in the North East, according to Corbyn, who promised the institution would deliver investment in infrastructure, manufacturing and new industries.
“I was not pointing to something antisemitic having been said”.
Home ownership is down 10 per cent in West Yorkshire from its peak in 2003 and down 9.5 per cent for the rest of Yorkshire and the Humber from a peak in 2005.
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He also stressed that it was time to reverse the private profiteering of public services, including areas such as railway renationalisation.
