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Labour election costings: How party plans to raise and spend £48.6 billion

The release of Labour's manifesto detailed the party's full election tax and spend plans. Credit: PA

Labour has detailed how the party plans to raise £48.6 billion in taxes to fund public spending commitments of the same figure.

Launching the party's election manifesto, leader Jeremy Corbyn said: "Our revenue-raising plans ensure we can embark on this ambitious programme without jeopardising our national finances.

"We are asking the better-off and the big corporations to pay a little bit more – and, of course, to stop dodging their tax obligations in the first place.

"And in the longer term we look to a faster rate of growth, driven by increased private and public investment, to keep our accounts in shape."

Here's a breakdown of the key tax and spend figures from the party's Funding Britain's Future costings document:

The most significant tax-raising measures:

  • £19.4bn corporation tax
  • £6.5bn tax avoidance programme
  • £6.4bn income tax increase for the top five per cent of earners
  • £5.6bn extension of stamp duty reserve tax
  • £3.8bn Efficiency review of corporate tax reliefs
  • £3.7bn Scrapping tax giveaways on Capital Gains Tax, Inheritance Tax, bank levy and ending the married persons' tax allowance
The party's funding document lists the full breakdown of tax commitments. Credit: The Labour Party

The most significant spending pledges:

  • £11.2bn to remove university tuition fees and restore maintenance grants
  • £6.3bn increased schools funding
  • £6.1bn Barnett consequentials (Scotland, Wales, Northern Ireland)
  • £5.3bn childcare and early years, including more funding for Sure Start
  • £5bn on healthcare, including free car parking
  • £4bn on social security, including scrapping of bedroom tax
  • £4bn to lift the public sector pay cap
The party's funding document lists the full breakdown of the party's spending pledges. Credit: The Labour Party