Ed Broadbent is coming out of political retirement to try and reverse what he calls an alarming shift to the right in Canadian politics.

Broadbent, who resigned as leader of the New Democratic Party 14 years ago, announced his intention to run for his old party in the riding of Ottawa Centre, where he lives with his wife Lucille.

"The overriding reason is the deepening of inequality in Canada," said Broadbent, adding that he wants to get the country "back on track."

In an interview Friday with CTV's Canada AM, Broadbent talked further about his reasons for giving up private life to return to the political arena.

"It wasn't because I fell on my head," he said. "It was after very serious reflection."

"I want to get back to engage, to take part in debates, to offer new ideas about how we can continue evolving towards a greater sense of sharing and, at the same time, have a very efficient economy."

On Thursday, Broadbent bemoaned the disappearance of socially-democratic thinking in Ottawa, accusing Paul Martin's Liberals of being as much a "neo-conservative force" as the newly-merged Conservative Party.

"At one time ... there was a key social democratic component in the Liberals and the red-Tories in the Progressive Conservative party," he said. "Today, social democrats are non-existent in the Liberal party and the PCs have now morphed into the mean-spirited Alliance."

Standing beside Broadbent as he announced his return, current NDP leader Jack Layton said he was ecstatic about the news.

"It is one of the best Christmas gifts I have ever received," said Layton.

The 67-year-old Broadbent led the NDP to its best showing ever, winning 43 seats in a 1988 general election. A seven-time winner in the blue-collar riding of Oshawa-Whitby, east of Toronto, Broadbent served as NDP leader from 1975 to 1989.

Since Broadbent's departure, however, the NDP has struggled to maintain a presence in the House of Commons. The party currently has 14 Members of Parliament.

Broadbent, a one-time university professor, had previously dismissed talk of an attempted comeback, but a wave of support made him reconsider. He dismissed suggestions that his age could be a factor.

"I'm two years older than Mr. Martin, but when it comes to ideas I'm two decades younger," he said.

He added that Layton's leadership had invigorated his political spirit.

"Jack Layton, standing here behind me, has energized the party and stimulated new interest in the party by the people of Canada," he said.

Layton also said Broadbent's announcement would trigger a wave of people stepping forward to run in the upcoming federal election, which is expected to be called this spring.

CTV political analyst Craig Oliver called Broadbent "the closest thing the NDP has to a living saint."

"I think there is no doubt that at 67, Broadbent can't shake off the political urge," Oliver said.

Outside politics, Broadbent has served as director of the International Centre for Human Rights and Democratic Development, holding the job from 1989 to 1996. He is a Companion of the Order of Canada, which is one of the country's highest civilian honors.

Broadbent set his sights firmly on newly-crowned Prime Minister Paul Martin, who he blames for starting Canada down a road of deepening inequality thanks to his excessive zeal in attacking federal budget deficits in the 1990s.

"The noble goal of equal citizenship, which really goes to the root of what democracy's all about, has been totally undermined by the present set of ministers," he said.

The Ottawa Centre riding, where Broadbent plans to seek a nomination, is a mix of university students, working-class families and well-off bureaucrats. It could prove a challenge for Broadbent due to competition from Richard Mahoney, a popular Liberal who recently won the party's nomination in the riding.

"Mahoney is an intimate of Paul Martin and would be going right into cabinet if he wins ... which the riding would like," Oliver said. "So this would be a race pitting a popular Martinite against Broadbent and the whole country would be watching it."

Broadbent will also face competition for the NDP nomination from Paul Dewar. The teacher and union representative is the son of Marion Dewar, a former Ottawa mayor and longtime NDP activist.

"I certainly wouldn't ask him to back down," Broadbent told Canada AM on Friday. "He has every right to seek the nomination. That's what democracy is all about."

CTV Newsnet's Mike Duffy said the riding had voted NDP in the past, and Martin's recent decision to freeze up to five capital spending projects that would have benefited the riding could provide an opportunity for Broadbent.