Election 2019: Corbyn would spend an extra £55bn a year in return to 70s

Labour has announced plans to take public spending back to the highest level since the 1970s amid warnings that the scale of investment is so high it will be almost impossible to implement.

John McDonnell, the shadow chancellor, said that Labour would spend £55 billion extra a year on hospitals, schools and other infrastructure, funded by borrowing. His plans would almost double public investment spending.

Labour has pledged £250 billion of investment over the next ten years for a green fund to invest in clean energy and insulation, and £150 billion over five years on a “social transformation fund” for investment in infrastructure.

The Institute for Fiscal Studies (IFS) said that the level of investment was so high it would be “just physically impossible to get there that quickly”. It said that the increase in public sector investment under Labour would be equivalent to £1,900 per household.


https://www.thetimes.co.uk/article/election-2019-corbyn-would-spend-an-extra-55bn-a-year-in-return-to-70s-z5lbs6xh9