JEREMY Corbyn will impose a £26billion tax bombshell on Brits if he becomes PM, shocking new research warns.
Labour’s hard-left leader has promised £250bn of extra spending over the next decade.
He has vowed to end austerity, pour cash into railways and roads, and reverse most benefit cuts.
But Labour has also promised to cut public debt – meaning they will have to slap tax hikes to bankroll their spree.
Critics said the brutal figures show that a Corbyn government would leave many hard-working Brits poorer.
Kristian Niemietz, from the free market think-tank the Institute of Economic Affairs, warned Brits already have to pay more tax than at any point in the past 40 years.
He added: “This is really not a good time for additional discretionary spending increases, least of all for gimmicks and giveaways.”
Tory Deputy Chairman Paul Scully said: “This confirms what we knew all along – Corbyn’s ideological plans would mean huge tax hikes for working people.
“From income tax to new taxes on homes, Labour would once again hit people in the pocket with a raft of tax raids.”
PLANS TO HIT PENSIONERS
Meanwhile, a separate study by law firm Clifford Chance warned that Labour plans to seize a staggering £300bn of company shares will hit pensioners and see investors flee Britain.
The analysis found that a staggering £31bn will be wiped off the value of pension pots.
The scheme, known as an ‘inclusive ownership fund’ will punish firms based in the UK, Clifford Chance warned.
Their analysis states: “We therefore expect to see pressure on UK headquarters groups to shift their headquarters out of the UK.”
The Sun says
THE mind-boggling £26billion-a-year tax rises we now know a Labour Government would need would be just the start.
Because the economy would be in meltdown within hours of a Labour win.
Which sane investor would keep funds here to be confiscated by Marxist revolutionaries?
Which employer wouldn’t shed staff to survive? The carnage, in wrecked lives and lost jobs, would be immense.
Will smug Tory Remainers still be slapping each other on the back then?
But shadow chancellor John McDonnell hit back at the criticisms.
He said: “Labour is proud of our 2017 manifesto and the enormous increase in the Labour vote which it helped secure.
“Ahead of the next election we will lay out our programme to really end austerity, eliminate in-work poverty and drive up living standards across the UK economy.”
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