General Election 2017: Labour leader Jeremy Corbyn visits Swinnow
- Author: Leroy Wright Jun 01, 2017,
Jun 01, 2017, 0:08
Labour has set out plans for tax rises totaling nearly £50 billion to pay for "a fairer, more prosperous society for the many, not just the few".
There will be an increase in income taxes on those earning more than 80,000 pounds a year - and another one on earnings over 123,000 pounds - a hike by a third on corporation tax and a new levy on companies paying staff more than 330,000 pounds a year.
Labour has also said it would return the railways to public ownership as franchises expire, or in some cases using franchise reviews or break clauses.
Titled "For the many not the few", the manifesto says the population is coming under "increasing strain" from falling living standards, growing job insecurity and shrinking public services.
Speaking at the launch of The Labour Party Manifesto in Bradford, he said: "Today we set out vision to transform Britain for the 21st century. A blueprint of what Britain could be and a pledge of the difference a Labour government can and will make", he told supporters at a university in northern England.
The suspense around Labour's policies was undermined when a draft version of the manifesto was leaked to the media last week.
The boost for Mr Corbyn's party comes amid a gradual rise in Labour's polling numbers since the start of the campaign.
YouGov's Anthony Wells said: 'Labour seem to be holding up because they're still getting the votes of a substantial chunk of people who don't like Corbyn and are presumably holding their noses and voting Labour anyway'.
The IFS said it could raise £7bn per year - more than the £4.5bn expected by Labour - but added "some of those affected would respond by reducing their taxable incomes, reducing the amount raised".
Corbyn, who is flagging badly in the opinion polls, promised to "change our country" with a raft of proposals including raising taxes on the well-off and renationalising key industries.
Labour wants to fight Prime Minister Theresa May on domestic policies, particularly healthcare, at the June 8 election, which, if the polls giving the Conservatives a runaway lead are right, could reshape the political landscape for years to come.
It also argues that Labour's plans to borrow to invest in the country's infrastructure - with a national transformation fund investing £250 billion over 10 years - should be included in the overall borrowing figures.
"Neil Leitch, chief executive of the Pre-school Learning Alliance, said it is "positive" to see the importance of quality early years care and education recognised in Labour's manifesto, but also remains "sceptical" of claims of "fully-costed, fully-funded 'free childcare" schemes".