Corbyn lambasted for taxing the rich to give to the poor

At least five national newspapers slammed Jeremy Corbyn this morning for what has been described as an “£80 billion raid on your wallets” after the Labour leader unveiled the party’s manifesto.

The Daily Express called the hikes a “crippling tax raid on households” while The Mail dubbed it a “Marxist manifesto”, saying families face the “crippling cost of a Labour spending spree”.

But the reality is that unless you fall within the top 5 per cent of earners – as most of the aforementioned newspaper bosses do – then you have little to lose and much to gain from Labour’s radical manifesto.

Radical mission to end austerity

Mr Corbyn set out a radical mission to end the era of austerity yesterday, spending £83 billion on extra public spending and vastly improving working conditions.

He also set out proposals for a so-called “green industrial revolution” that is designed to create one million jobs in the UK, with the aim of shifting industry, home gas and electricity, transport, agriculture and construction onto renewable energy modes.

Universal Credit, the two-child limit for benefits and the welfare cap would all be for the cutting floor, if Labour wins power next month.

Labour has also committed to recruiting 22,000 more police officers – 2,000 more than Boris Johnson.

Taxing the rich

To fund the programme Corbyn plans to tax those at the top who can afford it, rather than inflicting further misery on those already suffering at the bottom.

The top 5 per cent of earners – those earning more than £80,000 a year – will pay more tax, and there will be a windfall tax on oil companies.

Labour also plans to expand the stamp duty reserve tax to foreign-exchange transactions, interest-rate derivatives and commodities trades at 50 per cent of transactions cost, and reverse cuts to inheritance tax and Bank Levy.

Unpopular reaction

But the reaction has been less than popular.

National newspapers rounded on the Labour leader this morning, while one Question Time member labelled the party liars for suggesting those who earn £80,000 or more are in the top 5 per cent of earners in the country.

The bemused reaction says it all:

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.