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yesterday, before visiting three target seats in Scotland today eral election despite the loss of hundreds of seats in last week’s council elections. But he refused to say if he would quit if the party suffered a defeat.

The shadow chancellor said the pledges would mean only the top 5 per cent of earners would face “modest” personal tax hikes to pay for extra spending on public services while his “personal tax guarantee” would protect 95 per cent of workers from rises.

“Anyone earning below £80,000, we will be guaranteeing you will not have an increase in income tax or VAT or National Insurance contributions,” he told the BBC’S Andrew Marr Show yesterday.

“For those above £80,000, we’re asking them to pay a modest bit more. Why? To fund our public services.”

Asked if there would be a new rate of tax, Mr Mcdonnell said Labour is finalising its manifesto ahead of next week’s launch.

The Labour manifesto for the 8 June general election will include a promise of no rises in personal national insurance contributions (NICS) or VAT over the course of the five-year parliament, due to end in 2022, Mr Mcdonnell said yesterday.

Mr Mcdonnell also ruled out a rise in employer’s National Insurance contributions and said there are no plans to change VAT on zero-rated items beyond the previously-announced measure to put VAT on private school fees. The move forms part of a Labour bid to position itself as the party of low and middle-income workers as it fights Conservatives for the support of a social group which has suffered stagnating wages since the financial crash.

Speculation is rife that Prime Minister Theresa May is preparing to ditch predecessor David Cameron’s 2015 pledge not to raise rates of income tax, national insurance or VAT until 2020, after Chancellor Philip Hammond said last month he would like “more flexibility” on the issue.

Mr Hammond was forced by the 2015 pledge to dump planned reforms to NICS in the Budget. BAD DAY Danielle Rowley - the Labour Midlothian candidate, daughter of Deputy leader Alex, right, faced awkward headlines as it emerged she was on a tri ptocuba instead of campaigning on the doorsteps