Tim Newark

re-nationalising key industries. Buying the National Grid would cost £38billion while the estimated value of the power providers is an eye-watering £60billion.

Taking over the water companies would be another £69billion, while buying back shares in Royal Mail would take £2.15billion of our money. It’s no surprise that Amber Rudd should react to Corbyn’s fantasy economics by saying he needs a “magic money tree”.

Corbyn can’t stop himself promising the earth to everyone. Yesterday a Labour spokesman pledged to cut rail season tickets by £349 a year. He said this could be achieved by saving an “absolute fortune” by re-nationalising the railways – but someone has to pay for that. It’s either the commuter or the taxpayer.

Even though Labour always acts as if government money is its money, it’s not. It’s our money. Corbyn is like some drunken dad dipping his fingers into a child’s piggy bank in order to buy the kid a burger. Don’t bribe us with our own money!

There was a very good reason why major national industries were privatised in the 1980s by Margaret Thatcher. Dominated by militant unions they had become a byword for costly inefficiency, black holes swallowing

AND that’s just the point. If Labour is to deliver on its fantasy economics, it’s going to have to hike taxes and not just on the rich. Besides, a massive increase in corporation tax from 19 per cent to 26 per cent affects us all. It makes our country far less attractive to business, which means less investment, less growth and fewer jobs.

History shows us that when taxes go up it does not result in an increase in revenue. Rich people are very good at hiring clever people to hide their money when tax rates are exorbitant. Far better to cut taxes and get more people paying them. Unlike Corbyn, Theresa May wants to see corporation tax cut to 17 per cent.

“If even a handful of these disastrous ideas were implemented, it would mean misery for the many and employment for the few,” says the TaxPayers’ Alliance about Labour’s economic plans. “Britain’s problems cannot be solved by taking yet more money from hardpressed taxpayers and having politicians waste it.”

The fact is that if Corbyn ever got into government his unrealistic, poorly costed economic policies would make this country a lot poorer. There would be a lot more people needing food banks and sleeping rough outside stations – and it would be all his fault.

‘It wants to spend £4,000 per family’