Politics

Corbyn to hit YOU with eye-watering £2,400 bill if Labour elected in general election


Jeremy Corbyn

Jeremy Corbyn ‘is planning a reckless spending spree’ (Image: Getty)

Chancellor Sajid Javid warned millions of hard-working people would “suffer” because of Labour’s runaway spending bonanza which could cost taxpayers an extra £1.2trillion. This includes resource spending of £651 billion which would need to be funded through tax measures. Labour has condemned the analysis as a “ludicrous piece of Tory fake news”.

Tory analysis of Labour’s spending plans shows that there is a £374 billion black hole in their numbers with only £277 billion of their £651 billion of resource spending covered by taxes under their current plans.

Labour will have to put up taxes to cover the shortfall, the Conservative’s claim, including a more expensive form of Council Tax.

A Labour policy document has called for a new “progressive property tax”, which would see the average household pay £316 more on property tax than under the current Council Tax system. This is expected to raise £7.4 billion.

Chancellor Sajid Javid

Chancellor Sajid Javid (Image: Getty)

Labour’s proposal to scrap the Capital Gains Tax exemption on main homes would force owners to pay income tax on the profits when they move home and lead to a double whammy levy on their estates when the owners die.

This is expected to raise £28 billion a year.

A lifetime gifts tax would mean a huge tax hike for most people who inherit the family home from their parents.

Labour’s proposal is for a new ‘lifetime gifts tax’ on cash or homes given to individuals during the course of their lives.

This is expected to raise an additional £9.2 billion a year.

The Tories also derided possible Labour plans for fuel duty hikes and increased holiday taxes.

Under Labour’s plans, Tory analysis shows that in the North East 1,140,000 people would face a tax rise with an annual tax increase of £1600.08.

In the North West 3,290,000 taxpayers people be affected at a cost of £1,822.70 per year.

Some 2,440,000 would be clobbered in Yorkshire and the Humber with a yearly tax rise of £1,699.55.

In the East Midlands, 2,220,000 people would be affected to the tune of £1,852.66 annually.

For those living in the West Midlands, 2,600,000 people would be hit at a cost of £1,802.88 every year.

In the East of England, a total of 3,060,000 taxpayers would face an annual tax increase of £2,608.24.

Some 4,260,000 people in London would be affected by a £4,312.06 increase. There would a £2,991.93 for 4.7 million taxpayers in the South East.

The analysis shows that 2,740,000 would be hit in the South West with an annual rise of £1,941.95.

In Wales 1,380,000 people would face a rise of £1,481.02, in Scotland, 2,600,000 people would see their tax bill rocket by £1,997.73 and in Northern Ireland, 739,000 people would face a hike of £1,525.87.

Mr Javid said: “Jeremy Corbyn is planning a reckless spending spree which we will all have to pay for. He will open up a huge black hole in the nation’s finances and hardworking people will be the ones that suffer. In order to pay for his policies, he will not only have to massively increase borrowing and debt, but he will also need to hike up taxes by £2,400 per person – this is equivalent to an entire month’s pay for the average earner.

“The British people have made huge progress over the last decade in repairing the damage left to us by the last Labour Government. If Jeremy Corbyn gets into power he would throw all that hard work away.

“A vote for Corbyn’s Labour is a vote for higher taxes and the chaos of two more referendums. Only a sensible, majority Conservative Government will get Brexit done and provide the economic certainty that families and businesses need to plan for the future. We simply cannot afford the cost of Corbyn.”

Jonathan Reynolds

Jonathan Reynolds, Labour’s Shadow Treasury Minister, accuses Tories of fake news (Image: Leon Neal/Getty)

Jonathan Reynolds, Labour’s Shadow Treasury Minister, said: “This is more fake news from Conservative HQ after Sajid Javid had his plan to use the civil service for party political ends scuppered.

“Labour will set out our plans and our costings fully when we release our manifesto.

“The Conservatives should spend more time looking at their own policies as they failed to produce costings at the last election and – as Kwasi Kwarteng demonstrated – have no idea about the cost of their own policies.”



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