Labour manifesto would 'bankrupt Britain' with £250bn debt and biggest tax burden since 1950s

Jeremy Corbyn has been accused of planning to “bankrupt Britain” with a manifesto that would ramp up debt by £250 billion and stage the biggest tax raid the country has ever seen.

The Labour leader announced plans for £48.6 billion of extra annual spending commitments paid for by high earners and businesses that would saddle the country with its biggest tax burden since 1950.

His manifesto pledges were immediately picked apart by one of the country’s leading economists, who suggested the tax plans might only raise £20bn, leaving a £28.6bn annual shortfall.

Mr Corbyn, who revealed he would nationalise the UK’s water companies, in addition to the railways, Royal Mail and National Grid, admitted he could not give any figures for how much his 1970s-style nationalisation project would cost.


http://www.telegraph.co.uk/news/2017/05/16/labour-manifesto-would-bankrupt-britain-250bn-debt-biggest-tax/

Has been accused?

By whom?

The Conservatives? Who have doubled the national debt.
Or the Conservative press?
Whose owners sponsor the Conservative party.

Angry Andy wrote:Has been accused?

By whom?

The Conservatives? Who have doubled the national debt.
Or the Conservative press?
Whose owners sponsor  the Conservative party.

Did you read the link?

Yes. 
The article was jointly written by Rayner and Swinford.
They do as their editor tells them.
As he does what thd Barclay brothers tell him.
They are huge donors to the Conservative party.
The Telegraph is a staunchly conservative supporting newspaper.
Do you see the jist of my thought process.
Of course they will diss the Labour manifesto.
They are told to.

So an economist cannot show whether the maths does not add up to you?

So your only defence is a claim to confirmation bias and nothing to counter their maths?

Anonymous, unnamed economists? Really?
A right wing think tank . Really?
Labour would bankrupt Britain. Really?
Check the National debt, which the torys have doubled in 6 years. £2 trillion, isn't it. That would pay for a few food banks.

The Labour Manifesto, HA HA HA HA AS SHADY WOULD SAY.

Pie in the sky, as I would say.

Angry Andy wrote:Anonymous, unnamed economists? Really?
A right wing think tank . Really?
Labour would bankrupt Britain. Really?
Check the National debt, which the torys have doubled in 6 years. £2 trillion, isn't it. That would pay for a few food banks.

So more misdirection from the points raised.

is this all you ever do Andy?

If you think there sums are wrong, then point them out, otherwise your words are simple hot air.

It is unclear whether the figures balance.
The only thing certain is your conservatives have not balanced the book for years. Deficit? Still huge.

But would be even bigger if they had not converted deficit into the national debt, which they have doubled in 6 years.
So before you start bleating about Labour not making their sums add up, I suggest you look a little closer to home at your own party's catastrophic sums.



Debt now eye watering. £1.9 TRILLION.
Defence - smallest ever armed forces, stretched and unable to defend properly.
Police. Down 19,000. Cannot cope.
NHS. Staff morale devastated and are leaving in droves. Waiting times longer than ever. 
Elderly and mental health care almost non existant. 
Schools. Staff morale devastated and are leaving in droves.
. 
Local councils. Budgets slashed to the bone. Care homes shut. Day centres shut.  Libraries shut.
Doing a fucking better job of destroying Britain than Beaverbrooks's chum Hitler .

Angry Andy wrote:Has been accused?

By whom?

The Conservatives? Who have doubled the national debt.
Or the Conservative press?
Whose owners sponsor  the Conservative party.

by everyone. there is at least a £50billion black hole.
Should the UK go clinically insane and elect labour in 5 years we would look back on the £160billion deficit they left last time as small change.

MAodonnell didn't even know how much the deficit was in an interview yesterday, but apparently got his wrong figure by googling wiki.

Abbot cannot do simple sums or walk off a stage without making a laughing stock of herself and corbyn is just a person who would put the security of the country at risk with his pacifist tendencies. the fact that labour have hauled in a communist to run their campaign speaks volumes of how dire they really are.

Labour are finished as a serious party and now it is just a matter of how big their humiliation will be.

hopefully the 172 ex mp's in the labour party who have no confidence in corbyn will finally show some backbone and split off into a new party that can build towards a effective opposition.
However many of those will be booted out in 22 days.
I hear even dennis skinners seat is in play now. If he gets kicked out I do hope someone makes a joke as he does his losers speach

Angry Andy wrote:Has been accused?

By whom?

The Conservatives? Who have doubled the national debt.
Or the Conservative press?
Whose owners sponsor  the Conservative party.

the debt has certainly risen, but then of course it would as labour left it rising by £160billion a year. the deficit is now £52billion, so still debts still rising and will continue to do so until we get into surplus.
Labour are not even giving the pretence of trying to that, so presumably labour doubling or tripling the current debt would be a good thing in your eyes.

Angry Andy wrote:Yes. 
The article was jointly written by Rayner and Swinford.
They do as their editor tells them.
As he does what thd Barclay brothers tell him.
They are huge donors to the Conservative party.
The Telegraph is a staunchly conservative supporting newspaper.
Do you see the jist of my thought process.
Of course they will diss the Labour manifesto.
They are told to.

I am sure you believe that.
What about the mirror and the tax avoiding grauniad, do they do they masters bidding as well?

Angry Andy wrote:Anonymous, unnamed economists? Really?
A right wing think tank . Really?
Labour would bankrupt Britain. Really?
Labour would really bankrupt Britain.
Check the National debt, which the torys have doubled in 6 years. £2 trillion, isn't it. That would pay for a few food banks.

I think you got your syntax wrong I have corrected it in red.
and no it is not 2 trillion. but that would suggest you agree labour left debt at £1trillion.

Angry Andy wrote:It is unclear whether the figures balance.
The only thing certain is your conservatives have not balanced the book for years. Deficit? Still huge.

But would be even bigger if they had not converted deficit into the national debt, which they have doubled in 6 years.
So before you start bleating about Labour not making their sums add up, I suggest you look a little closer to home at your own party's catastrophic sums.



Debt now eye watering. £1.9 TRILLION.
Defence - smallest ever armed forces, stretched and unable to defend properly.
Police. Down 19,000. Cannot cope.
NHS. Staff morale devastated and are leaving in droves. Waiting times longer than ever. 
Elderly and mental health care almost non existant. 
Schools. Staff morale devastated and are leaving in droves.
. 
Local councils. Budgets slashed to the bone. Care homes shut. Day centres shut.  Libraries shut.
Doing a fucking better job of destroying Britain than Beaverbrooks's chum Hitler .

labour left the deficit at £160billion.
Of course debt is going to rise unless they cut £160billion from the budget, or miraculously increased tax receipts by £160billion.
What the tories have done is reduce labours deficit to 1/3rd the value labour left it.
Could they have reduced it more, probably, but then we might really have had to have some austerity.

Most the closures, although not all you speak about happen in labour controlled councils where they cannot manage a proper budget and put lesbian outreach officers about care homes or even libraries.
you seem to think that labours money will come from sort of magic money tree, it is the usual source for labour manifesto's, However it comes from people who work, and when you tax until the pips squeek, then many of the pips tend to bugger off to pastures new taking their tax with them. The 1% currently pay over 35% of all tax. The top 3000 pay as much tax as the bottom 9 million. It is not hard to drive 3000 people from the country.
It wont be the super rich that suffer it will be middle income families who suddenly find themselves paying 45% or 50% tax rates, effectively 56% and 61% when NI is added on.

And lets not forget the tax on jobs when they raise corporation tax to 26%, that will mean companies can employ fewer people and their goods and services will cost more.
fuelling inflation and poverty.

Now the real shocker:

http://www.nationaldebtclock.co.uk/


Where has all the money gone?   To the rich and powerful instead of infrastructure etc.

BTW the Labour Manifesto tax rates will be lower than under Thatcher.

And finally, I leave you with:

Tory Philip Hammond skewered in BBC interview as he gets his figures in a major muddle

The Chancellor didn't appear to have full grasp of the figures when he went on the radio to have a pop at Labour's manifesto

Tory Chancellor Philip Hammond went on the radio this morning to attack Labour's manifesto - but ended up getting his own figures in a muddle.

Mr Hammond claims there's a £58 billion hole in Labour's funding - but didn't appear to know the true cost of HS2 - the major rail project linking London with Leeds, Birmingham and the East Midlands.

Asked for the cost of the major project by the BBC’s John Humphrys, Hammond said: "About £32 billion."

Humphrys said: "£32 billion? Not £52 billion?"

A flustered Hammond replied: "Er it's...over...I mean...there's a huge amount of contingency built in to the budgeting for these projects."

"And they're usually met, these contingencies, aren't they?" Humphrys shot back.

"These things almost always cost more than we expect."


(This by the way is an outright lie, it has already been costed at over £55billion





https://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/news-parliament-2015/high-speed-2-report-published-16-17/   )


Humphrys pointed out Hammond’s claim that Jeremy Corbyn ’s manifesto ‘doesn't add up’ relied on combining current spending and capital spending.

Current spending is the day-to-day expenses of the country, which need to be covered by taxation or other ongoing income.

Capital spending is one off costs, like buildings and the initial costs of nationalisation. Because they don’t have ongoing costs, they don’t increase the deficit, but they do increase the overall national debt.

Humphrys noted that even Hammond doesn't combine the two figures when making his financial statements.

But Hammond said even the one off costs have to be paid for "either through taxation, or through borrowing."

Labour have accepted they will borrow to pay for investment in infrastructure.

Humphrys asked: “Are you honestly telling me that you are not going to borrow anything to spend on capital or infrastructure projects over the next five years?”

Hammond admitted: “Of course we’re going to borrow, but we’ve set out our fiscal rules in the Autumn Statement, you’ll have to wait and see in the manifesto what we say about fiscal rules going forward.”

The Chancellor insisted the cost of HS2 was to be spread over 15 years, but offered no explanation for how that was different to Labour's capital spending plans, repeating: "Labour's plans do not add up."

Humphrys said: "I understand that is the mantra, but the fact is they have covered the running cost. Things people would really like to see them spend a bit of money on, like scrapping tuition fees, investment in cuts, NHS and so on. Things that people say "yes, I want to see that happening."

"And they have covered that. They've told us how they're going to pay for it."

Again, Hammond blustered, insisting: "They haven't."

Asked when the Tories planned to release their manifesto, he would only say "very soon."

http://www.mirror.co.uk/news/politics/tory-philip-hammond-skewered-bbc-10438641

May's plan is closing the gap between tax and spending, which has taken years to solve after Labours decisions to screw up the economy during the recession.

Her plan looks sound, unlike Corbyn's

Her plan is to reduce the deficit by converting it to debt, which our children and grandchildren will inherit.
The problem is that May and Hammond cannot balance the books, as Osborne and Cameron before also failed to do.
There is nothing left to cauterize, the public and civil service are an empty shell with too few staff to be effective.
Eradicating the NHS would help them.
Which is probably what will happen if May is elected.
Virgin A&E?
When you are bleeding out after a serious traffic accident and your thigh bone is sticking out of your hip, make sure you have your credit card handy before calling for and ambulance.

Angry Andy wrote:Her plan is to reduce the deficit by converting it to debt, which our children and grandchildren will inherit.
The problem is that May and Hammond cannot balance the books, as Osborne and Cameron before also failed to do.
There is nothing left to cauterize, the public and civil service are an empty shell with too few staff to be effective.
Eradicating the NHS would help them.
Which is probably what will happen if May is elected.
Virgin A&E?
When you are bleeding out after a serious traffic accident and your thigh bone is sticking out of your hip, make sure you have your credit card handy before calling for and ambulance.

Seriously, why do you keep making up lies Andy?

I will copy this and hold you to this.

Angry Andy wrote:I will copy this and hold you to this.

It was you making the accusations and thus lying

As show me where in the Tory Manifesto, they are going to privatize the entire NHS?


You can hold me to hat ever you like.

Happy that you do

Andy, would you care to comment on Labour building Hospitals on the "never-never"?

All infrastructure projects are built on debt payments. They fall outside of the day to day deficit.
How do you think HS2 will be paid for, Nick.

HS2, WILL BE A LARGE WHITE ELEPHANT !

Thorin wrote:

Angry Andy wrote:I will copy this and hold you to this.

It was you making the accusations and thus lying

As show me where in the Tory Manifesto, they are going to privatize the entire NHS?


You can hold me to hat ever you like.

Happy that you do

The torys, as you well know, are witholding their manifesto, in order to guage public opinion on the best parts of the Labour and Lib manifestoes.
If memory serves me correctly, there was no tory manifesto mention of increasing VAT or tripling of university rates.
They still did it anyway.

nicko wrote:HS2, WILL BE A LARGE WHITE ELEPHANT !

I hope so .Ghastly waste of money.
As was Osbornes northern powerhouse.

Angry Andy wrote:

Thorin wrote:


It was you making the accusations and thus lying

As show me where in the Tory Manifesto, they are going to privatize the entire NHS?


You can hold me to hat ever you like.

Happy that you do

The torys, as you well know, are witholding their manifesto, in order to guage public opinion on the best parts of the Labour and Lib manifestoes.
If memory serves me correctly, there was no tory manifesto mention of increasing VAT or tripling of university rates.
They still did it anyway.

So more assumptions and basing this off past Governments

Wow

I dont back the Tories anyway and certainly would not back Labour, as most can see that any Far extreme political groups is a danger to a country.

Just look at history to see for yourself