UPDATED – The Green Party's co-leader Jonathan Bartley was due to give a speech today (June 15) setting out his party's vision for a "new, modern economy".

The party was pitching the speech as a challenge to the address the Chancellor Philip Hammond was due to make to bankers this evening at the annual Mansion House dinner.

However, out of respect to the victims, families and friends of all those affected by the Grenfell Tower tragedy, the Mansion House dinner has been cancelled this evening, with the Governor's speech being given in due course. The Green Party has also respected this and has cancelled their event.

Mr Bartley was expected to say that the general election result was a rejection of austerity and an economic model which "inflicts anxiety and stress on millions".

He would have that Labour are right to talk about the need for distribution but their policies do not go far enough in transforming the economy into one that "embraces and manages the challenges presented by automation, globalisation and climate change…one that recognises that things must be different in the 21st century".

Jonathan Bartley By Jwslubbock (CC-BY-SA-4.0)

By Jwslubbock (CC-BY-SA-4.0)

Bartley was due to say:

"For all the talk of money trees in the past few weeks, this was an election in which people rejected austerity. Now there is a realisation that the problem is not that there isn't enough money. The problem is that the money is in the wrong hands.  And it requires the political will to go and get it.

"But we've been sold a lie bigger than austerity. It's that the current economic model can deliver the quality of life we all deserve. If it was a Labour Chancellor, or indeed someone from any other party standing here, the fundamental approach to the economy would not be different.

"Progressive taxation, wealth redistribution and investment in public services are all important. But we need to go further than giving more people a bigger slice of a pie that is already stale and past its sell by date. We need to bake a new pie with new ingredients. We need to transition to a new economy. One that measures success in terms of wellbeing not illusory growth. One that rises to the challenges presented by automation, globalisation and climate change. An economy that gives us the opportunity to lead happy and fulfilled lives."

In his statement the party's co-leader would have outline the steps he believes need to be taken to transition to the "modern economy". They include the introduction of a basic income, moves towards a four-day working week, a revolution in jobs in the green technology sector, and the creation of new community owned banks.

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