JEREMY Corbyn today unveiled a flurry of expensive policies in Labour’s class war manifesto.
The Labour leader vowed the plans were fully costed, so we took a look at the figures to see if his promises added up.
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Nationalisation
Promise: Labour promised to bring the Royal Mail, rail and utility companies back into public ownership, claiming the plan would be free as “fiscally neutral”.
Reality: Labour have also questioned the figures in their own manifesto, admitting it relies on “hope” that it’s free, and isn’t sure it will be.
It says: “There may be some further capital expenditure on nationalisations but we would hope HM Treasury’s Public Ownership Unit will have completed their acquisition before then and have not included a fiscal multiplier effect from them.”
The plans were also blasted by the CBI, who reckon reforms would cost a massive £182 billion.
Pensions
Promise:Labour will freeze the state pension age at 66, accusing the Tories of raising it and overseeing a decline in life expectancy.
Reality: The decision to freeze the state pension age hasn’t even been costed, but investment experts AJ Bell say doing so could cost £6 billion a year.
Senior analyst Tom Selby said: “Make no bones about it – this is a gargantuan promise from Labour with enormous ramifications for those affected, society as a whole and long-term Government spending.
“It is therefore incredible that the impact this will have on taxpayers doesn’t appear in the policy costings”.
Paul Johnson of the IFS added this would have a huge impact on both the cost of state pensions as well as the length of retirement.
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Broadband
Promise: Last week the party announced it would take over BT Openreach costing £230million.
Reality: Just one week on from the announcement, the figure has now more than doubled to a massive £579m.
Work
Promise: They are pledging to introduce a four-day 32-hour working week within a decade.
Reality: Shadow health secretary Jonathan Ashworth has already been slapped down by John McDonnell for saying it wouldn’t apply to the health service.
The Tories say the move will cripple the NHS, increasing staff costs by £6.1bn a year.
Taxes
Promise: Raise taxes for the top 5% of earners, affecting a massive 1.6 million people, as well as a new windfall tax on the oil industry.
Reality: The IFS say the wage tax could raise £3billion a year, but also cost the treasury as big earners move to reduce their pre-tax income.
The Tories say taxpayers will now pay on average £2,400 every year.
The British Chambers of Commerce labelled the plans “excessive intervention” and “sweeping tax rises”
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Brexit
Promise: Agree a new deal with Brussels and then hold a second referendum on that deal within six months.
Reality: The EU have said they will not reopen the withdrawal agreement, and Jeremy Corbyn still won’t say if he’d even campaign for his own deal.
Health
Promise: An extra £26billion injection to support patient care and hospitals, as well as making NHS dental check-ups free.
Reality: The IFS say the raise is less than offered in 2018, while the British Dental Association claim the free check-ups will cost £450 million a year.
Business
Promise: Target successful companies by forcing them to hand shares to workers, and cracking down on excessive pay for executives.
Reality: Law firm Clifford Chance reckon the scheme would see almost £300 billion of shares snatched away from investors over 10 years.
Housing
Promise: Labour say they will build 150,000 council houses a year by the end of parliament.
Reality: Experts reckon the plan will cost £10 billion a year, and could fall apart if they have to buy land to build on.
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