Tax and spend: UK Labour Party releases its election pledges

Alongside its manifesto, Labour also detailed how it would pay for spending commitments worth nearly 50 billion pounds ($60 billion), through hikes in corporation tax, higher income tax for the top five percent of earners and new levies.

The party would also introduce a financial transactions levy and raise income tax for the top 5 percent of earners, adding a new top rate of 50 percent for people earning 123,000 pounds plus a year.

But Mr Corbyn said he would not immediately lower the 45p threshold to include everyone paid more than £80,000, instead favouring a phased approach over the course of the next parliament, which will end in 2022.

Corbyn said a Labour government would pay for increased spending by "asking the better-off and the big corporations to pay a little bit more".

In what its leader Jeremy Corbyn called "a blueprint of what Britain could be", Labour promised to renationalize rail and mail services and water utilities and take some of the energy sector into public hands to better control prices.

Critics say the move leftwards stirs memories of the party's 1983 manifesto, described then by a Labour lawmaker as "the longest suicide note in history" for helping the Conservatives, and some have questioned how the party can fund its program.

Asked if he could see himself as party leader in the future, he declined to answer.


The Conservatives still have a big lead but Labour were up two points on 32 per cent, with the Tories down one on 45, a YouGov poll for The Times found.

It pointed out the party's plans depended on the 1.3m high earners it would hit not reducing their taxable incomes as a result of the changes.

The BBK don sat down with the Labour party politician to discuss ways to engage young people with politics, following some Twitter interaction. It is quite possible that individuals who are very engaged online - surrounded by people with similar views, and generally only seeing news stories that chime with their own opinions - will be surprised by the outcome of the General Election.

However, Mr Lewis indicated however that Mr Corbyn should ultimately pass on the leadership, saying he should hand down the party "in good order".

"I wouldn't be fighting so hard if I didn't believe Labour has a chance to win, and a very good one", said the 39-year-old.

The Labour Party is proposing to commit an extra £25.3bn for education, funded from extra tax revenue.

He said: "As we've seen with the existing 30-hour offer for working families, if such policies aren't adequately funded, many providers simply won't engage with them - our recent survey revealed that less than half of nurseries, pre-schools and childminders in England plan to deliver the current offer for three- and four-year-olds".


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