Labour want £500 billion of additional spending if they were in power, funded by more borrowing and harmful tax rises. This was the pledge made by Jeremy Corbyn at the party’s conference in Liverpool this week, in what has been described in the Guardian as “A missed chance” and by the Daily Mail as “reckless fantasies”.
How will this shopping spree be funded? Corbyn is asking our businesses, the engines of growth in our economy, to pay “A little more in tax”. And if this is not enough? The go-to solution is to borrow, with a pledge to allow uncapped borrowing by local authorities.
The ill-thought plans would mean more debt for future generations to pay off, alongside tax rises, the full extent of which the Labour leader declined to reveal.
Commenting on the speech, Andrew Wiltshire, Conservative spokesman for Norwich South said:
“What we heard from Labour this week was not a plan for Government but a wishlist of fantasies. Debt is not an abstract concept. It is real money which must be paid back by us taxpayers, and by our children and grandchildren.
“Corbyn has said British businesses must pay more to fund his projects. As admirable as his dreams may be, our city relies on the competitiveness of our local businesses. What impact will higher taxes have on them? If you want to support the Norwich economy and build prosperity in our city, you don’t do so by increasing our taxes. Hard working families don’t need the added costs this outdated ideology will bring.
“In Government, and in local authorities across the UK, the Conservatives have prioritised lowering taxes for everyone so as to allow hard working people to keep more of their own money. You grow the pot of money for education, our NHS, and all other public services by growing the whole economy. You can’t do this if you strangle it with taxation and cripple the nation with debt.”