Labour leadership: David Cameron warns of 'financial threat' as Jeremy Corbyn nears victory

David Cameron has launched a scathing attack on Labour and claimed the reds are a "threat to the financial security of every family in Britain" as left-winger Jeremy Corbyn nears victory. The prime minister made the intervention a day before Ed Miliband's successor is announced at a special conference in London on 12 September.

The Conservative leader, who was able to secure a shock majority at the general election and cripple Labour, framed the blues as the "progressive" party when he spoke in Leeds.

"Whoever wins the Labour leadership tomorrow, this is now a party that has completely vacated the intellectual playing field and no longer represents working people. It is arguing at the extremes of the debate, simply wedded to more spending, more borrowing and more taxes," Cameron said.

"They pose a clear threat to the financial security of every family in Britain. There's only one party that understands the big question facing our country, and one party that is developing an answer to it – and that's the modern Conservative Party."

The prime minister also attacked Labour's economic credibility, a factor that dogged the party in the run-up to the election. He said: "Central to all this is being the government that finishes the job of turning around our economy and clearing the deficit. But what we are showing is that deficit reduction and an opportunity society are not alternatives. They can complement each other. Because with a smarter state, we can spend less and deliver more."

The comments come hours before Labour leadership hopefuls Corbyn, Andy Burnham, Yvette Cooper and Liz Kendall learn of their political fates. With bookmakers' predictions, opinion poll results and local party nominations taken into consideration, shock front-runner Corbyn is expected to win the race and take the party to the left.

Labour closed voting in the election on 10 September despite claims from members and supporters that they had not received their ballot papers. "[We have found] quite a lot of people aren't actually eligible for a vote in the first place, who were speaking out on social media," a Labour spokesman told IBTimes UK.

"People who are genuinely missing their ballot can contact the party via email and we will try and sort out what we can. We are confident that the ballots have gone out to absolutely everyone now." But Will Coldwell, a London-based Labour supporter, and Mark Hemingway, a Cumbrian member of the party, told IBTimes UK that they had not been sent their ballots.