Corbyn’s ULTRA-left wing manifesto: £50BN tax bombshell to fund Labour’s spending spree

16 May

Labour has committed to spending £48.6 billion on boosting education and social care, and scrapping benefits cuts, if it wins the snap election on June 8.

After critics highlighted their concern over how the plans would be paid for, the manifesto claims to offer a fully-costed breakdown of spending commitments.

Attacking a “Britain run for the rich, the elite and the vested interests”, Mr Corbyn unveiled a £48.7 billion tax raid on high-earners, the City, big businesses, private schools and wealthy individuals who own properties, particularly in London, through offshore trusts in tax havens.

In the document, the party outlines plans to generate £19.4 billion of the bill through hikes in corporation tax, raising the headline rate to 21 per cent from 2018/19, 24 per cent the following year, and 26 per cent in 2020/21.

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