"The most recent proposed nationalisation or part of BT really was a bolt from the blue that sent a chill through boardrooms at home and abroad with firms questioning whether their investment is safe and some thinking 'are we next?'" Fairbairn said.

But Corbyn said it was "nonsense" that he was anti-business because a government takeover of these sectors would set off investment in infrastructure, education and training that the sector had "always wanted" but only "ever dreamt of."

"Yes we will bring some key services into public ownership and I'm not making any apologies for that. It's not an attack on the foundations of a modern economy, it's actually the very opposite - it's the norm in many European countries," Corbyn said.

Corbyn said he understood business "caution" about Labour's socialist policies but said business, like workers and consumers, was also the victim of private sector rip-offs and poor services.

"And I think actually many of you, many of you all know that because you know things can't go on as they are," he said.

Loading

Asked during a question-and-answer session if he thought BHP and Rio were companies that did good in society, Corbyn said he was concerned by the "behaviour of very big oil and mineral companies in other countries" citing the "environmental problems that are caused by their activities there".

He said there was a question of "good governance" that had to be applied to them.

"So I'm not anti-them, I'm just saying, that where there are problems of environmental damage or social damage done by multinational companies in other countries as well as here, then they have a social responsibility to behave differently and I'd be happy to work with them in achieving that," Corbyn said.

Boris Johnson shelves corporate tax cut

Prime Minister Boris Johnson also addressed the conference and announced the Conservative party was postponing its pledge to further cut company tax.

Loading

The company tax rate was due to fall to 18 per cent in 2020 but Johnson said shelving this plan would save £6 billion to spend on "the priorities of the British people" like the NHS.

"I hope you all understand, it is the fiscally responsible thing to do at the present time, it doesn't mean that we are in any way averse to reducing taxes on business as I'm sure you'll understand," he said.

David Cameron promised to reduce the company tax rate in 2015 but by the time the first reduction, to 19 per cent, occurred in 2017 he was no longer prime minister, having quit after losing the EU referendum campaign in 2016.