Every family in Britain faces a £1,700 tax and debt bombshell if Jeremy Corbyn wins the general election, the Tories claim today.
In a 15 page dossier – published alongside the party’s first poster campaign of the election – the Conservatives say there is a £45billion black hole in Labour’s tax and spending plans.
The scale of the plans means each household could have to pay an extra £1,667 each in taxes.
A Tory “scorecard” of Labour’s spending plans estimates that by the middle of the next Parliament – 2019/20 – Mr Corbyn's Governbment will have committed to spending £50.7billion, but only raised £19.4billion in new taxes.
New taxes include an extra £4.1billion by increasing National Insurance Contributions by 5p. Increasing corporation tax to 28 per cent will raise £12.8billion.
Spending plans include £35billion on infrastructure and £7.1billion from abolishing student tuition fees. A new National Education Service would cost another £3.5billion.
The Tories are expected to unveil the party’s first election poster today, featuring Labour leader Jeremy Corbyn in front of a “more debt, higher taxes” bombshell. The strapline says: “Corbyn: No bombs for our Army, one big bombshell for your family.”
David Davis, the Exiting the European secretary, said: “Jeremy Corbyn’s nonsensical and irresponsible ideas pose a grave risk to the future of Britain’s economy and the finances of every family in the country.
“His many, ill-thought through promises simply don’t stack up and could not be paid for. The damage this bombshell would do to the country’s finances if Corbyn’s coalition of chaos were given the keys to Downing Street would be disastrous.
“Only a vote for the strong and stable leadership of Theresa May on June 8 will lock in the economic progress we have made.”