Owen Smith will launch his Labour leadership bid on Sunday with plans for a £200 billion "British new deal".

Labelling current leader Jeremy Corbyn anti-austerity without an alternative, Mr Smith will pledge to invest the money into the UK's "failing infrastructure".

Mr Smith will announce his bid in his Pontypridd constituency, committing cash to housing, transport and "investing in people".

Mr Smith is expected to say at the launch: "It is not enough for the The Labour Party to simply talk about being anti-austerity.

"We have to set out a detailed plan for how Labour would replace failed Tory austerity with credible proposals for prosperity.

"That is why I'm am proposing a British new deal. It will be a £200 billion investment programme, to renew our failing infrastructure.

"Tackling our housing crisis, revive our transport systems, as well as investing in people, to give hope to the next generation".

Angela Eagle has already announced her bid to be leader last week.

Jeremy Corbyn, who will automatically have his name on the ballot, recently posted a code of conduct for the leadership election on his campaign website.