Labour manifesto: Corbyn plans to raise extra £49 billion in tax revenue

The Labour Party will raise an extra £49 billion in tax revenue to fund its pledges if it wins the upcoming general election, it was revealed at its manifesto launch today.

Jeremy Corbyn’s party unveiled promises that would cost £48.6 billion, including additional funds for schools and the NHS, and detailed how it would raise the money to pay for them.

Its measures include increased tax rates of 45p for those earning more than £80,000 and 50p for those earning more than £123,000, as well as an “excessive pay levy” on salaries of more than £330,000.

Labour pledged not to increase VAT or National Insurance, but said it will increase corporation tax and will launch a campaign to crack down on tax avoidance.

Its other plans, unveiled by Corbyn in Bradford today, include the renationalisation of England’s water companies and Britain’s railways and a review looking at reforms to council tax and business rates.

“Our country will only work for the many, not the few, if opportunity is in the hands of the many,” the Labour leader said. “So our manifesto is a plan for everyone to have a fair chance to get on in life, because our country will only succeed when everyone succeeds.”

Labour’s manifesto also included calls for the “reasonable management” of immigration, plans to build 100,000 affordable homes per year, a guarantee of the status of EU nationals in the UK and a refusal to leave the European Union without a Brexit deal in place.

The launch came just a week after a draft version of the document was leaked to the national press, revealing Labour’s plans to introduce a flexible retirement age.

The leaked manifesto suggested that Jeremy Corbyn’s party would allow people to retire at different ages depending on the types of jobs they did during their working lives.

For example, somebody whose career involves a lot of manual labour would have a lower retirement age than somebody who is in primarily desk- or office-based employment.

British voters will take to the polls on June 8th in a snap general election called by Theresa May.

Photo © Chatham House (CC BY 2.0). Cropped.