RADICAL changes are needed to reform Britain’s economy, including a higher minimum wage, changes to how companies are governed and regulation of tech giants, according to a report published today.

The Commission on Economic Justice, set up by the Institute for Public Policy Research and including the TUC, economists and the Archbishop of Canterbury, found that the British economy is “not working” and “no longer delivering rising living standards for a majority of the population.”

It put forward more than 70 recommendations, including setting up a new national investment bank, giving employees seats on company boards, increasing corporation tax and higher pay for workers on zero-hours contracts.

TUC general secretary Frances O’Grady said: “It's time for a once-in-a-generation rethink of our approach to the economy. Working people have had enough of stagnating living standards and massive inequality, and no-one's buying the idea that there’s no alternative.”