CORBYN ‘WOULD BANKRUPT BRITAIN’
A JEREMY Corbyn government will cost the country £1.2trillion, shocking research has concluded.
The revelation has emerged after secret analysis of Labour’s spending plans, originally carried out by the Treasury.
It showed that taxpayers will be forking out an extra £650million every day for five years to pay for Mr Corbyn’s spending commitments.
The audit of Labour’s plans shows that they would leave Britain paying three times as much as Gordon Brown’s regime, after he borrowed billions to bail out banks in 2008. The plans include:
Day-to-day spending over the course of a Parliament: £385billion
Capital spending: £201billion Re-nationalising rail, energy networks, water and postal services: £196billion
32-hour working week: £85billion Home insulation and refurbishments: £30billion
Guaranteeing all energy workers a job, such as those working in the oil and gas industry: £8.7billion
‘We cannot afford the cost of Corbyn’
Free bus travel for under-25s: £7billion Piloting a Universal Basic Income: £4.5billion
Chancellor Sajid Javid warned that if Labour wins outright power or is put in Downing Street by the SNP and Lib Dems, it will bankrupt the country.
He said: “Now is the time for responsible investment, not reckless borrowing. We simply cannot afford Corbyn’s spending spree, that would saddle our children with huge amounts of debt and undo all the hard work of the British people in recent years.
“Every time Labour get into power, they spend beyond their means, leaving our country on the brink of bankruptcy.
“But Corbyn’s Labour is planning to embark on a record – and truly frightening – spending splurge. We are all still paying the price for the debt that the last Labour Government racked up, but this would be three times worse.”
He pointed out that Mr Corbyn’s plans are the equivalent of scrapping all funding for the NHS for the next nine years.
He went on: “A vote for Corbyn’s Labour would mean the chaos of another two referendums and frightening levels of debt that would take us decades to pay off.
“Only a majority Conservative government would get Brexit done and spend money sensibly on people’s priorities.
“We simply cannot afford the cost of Corbyn.”
Polling this week has revealed that Labour’s support is collapsing in every region of the UK, as trust shrinks in Mr Corbyn and his hard-left allies, shadow chancellor John Mcdonnell and shadow home secretary Diane Abbott. The latest analysis on their spending plans is another major blow to the party.
According to the dossier put out by the Conservatives, entitled The Cost of Corbyn, the eye-watering £1.2trillion would be made up of plans for a massive spending splurge across the UK on pet projects.
The analysis found that £196billion alone will be spent on re-nationalising railways, energy networks, water and postal services.
A pledge to provide free bus passes for under-25s will cost another £7billion, while imposing a 32-hour week will cost the economy £85billion annually.
Another £4.5billion a year will go on providing everybody, from billionaires to prisoners, with a basic income of benefits.
In total, Labour have pledged an additional £385billion for day-to-day spending over the course of a Parliament, it was said.
Mr Corbyn has also pledged an extra