Jeremy Corbyn has set out a £10bn plan to scrap all tuition fees and restore student maintenance grants in his first major policy announcement.

Corbyn said the plan could be funded either by a 7% rise in national insurance for those earning over £50,000 a year and a 2.5% higher corporation tax, or by slowing the pace at which the deficit is reduced.

Corbyn said: “I want to apologise on behalf of the Labour party to the last generation of students for the imposition of fees, top-up fees and the replacement of grants with loans by previous Labour governments. I opposed those changes at the time – as did many others – and now we have an opportunity to change course.”...

His populist stance came as Labour high command was close to hitting the panic button at suggestions that private polls were showing Corbyn could win the leadership contest in September.