"Britain has been living through a lost decade. A decade of lost growth. A decade of stagnant living standards," Corbyn said during a speech at the British Chamber of Commerce in central London.
"Britain can't afford another lost decade," he added.
The Labour leader described his party as a "government in waiting" following strong gains in a general election last month in which Prime Minister Theresa May lost her parliamentary majority.
"Our National Education Service will be the key institution of fairness and prosperity in the 21st century, just as the NHS transformed people's prospects in the 20th century," he said.
"It is by investing in our education system that we can end the spread of low-paid, low-skilled, insecure work by providing the skilled workforce that businessese need," Corbyn argued.
The party's plan to provide free life-long education would be funded by "a bit more tax" on businesses and more government funding, including scrapping the long-standing public sector pay cap.
Justine Greening, the education minister, described Labour's education policies as "shambolic and reckless".
"Corbyn's plans for huge tax hikes and reckless borrowing would put us back to square one and leave working families worse off," she said in a statement.
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