Jeremy Corbyn’s plans for a socialist super state outlined in a leaked version of the Labour manifesto have a short fall of £30Billion and propose “a level of state intervention not seen since the Second World War.”
According to a draft of the document acquired by The Telegraph, figures include a whopping £93.9Billion of state spending!
To meet this huge rise, Labour would introduce an era of unprecedented borrowing to fund the renationalising of industries, the NHS, and the throwing of money at the failing state school system.
Where is this £90Billion to come from?
Loans from international banks, an increase in taxes for high earners, the raising of corporation tax by 40% and the fleecing of every British household to the tune of £4,000 each year.
Head of the Institute for Fiscal Studies, Paul Johnson, who told The Guardian that the Labour manifesto called for more state intervention in the private sector than at any time since the 1940s, went further still:
“Even adjusting for inflation this is far more ambitious than Michael Foot’s manifesto.
“They are getting involved in almost every aspect of life.
“It’s like they are trying to reverse all the post-War liberalisations in one go. It’s unprecedented.”
“What’s planned is a very substantial increase in the size and the role of the state.”
“There are very substantial spending commitments and you would end up in a World where we have significantly higher taxation, borrowing and spending than we have currently and is planned.”
A spokesman for The Institute of Economic Affairs stated that there would be inevitable and significant shortfalls in available money which would have to be filled by more borrowing, tax rises and cuts.