Tories claim Labour's spending spree will cost taxpayers an extra £2,400 a year

Sajid Javid and Jeremy Corbyn Credit: PA

Taxpayers will be £2,400 worse off with Jeremy Corbyn's "reckless spending spree", the Conservatives have claimed - something Labour dismissed as "fake news".

Chancellor Sajid Javid defended the Tories' claim that Mr Corbyn's plans would cost £1.2 trillion, adding there would be a "huge black hole" in the country's finances if Labour win the upcoming general election.

The Conservatives said analysis of Labour's spending plans show that only £277 billion of the party’s £651 billion of resource spending is covered by taxes under current plans, suggesting Labour would have to put up taxes to cover the shortfall.

Labour has repeatedly said it will only raise taxes for top earners.

Mr Javid said: "Jeremy Corbyn is planning a reckless spending spree which we will all have to pay for. He will open up a huge black hole in the nation’s finances and hardworking people will be the ones that suffer.

“In order to pay for his policies, he will not only have to massively increase borrowing and debt, he will also need to hike up taxes by £2,400 per person – this is equivalent to an entire month’s pay for the average earner.

“The British people have made huge progress over the last decade in repairing the damage left to us by the last Labour government. If Jeremy Corbyn gets into power he would throw all that hard work away.

“A vote for Corbyn’s Labour is a vote for higher taxes and the chaos of two more referendums.

Boris Johnson is hoping to win a majority in the general election. Credit: PA

“Only a sensible, majority Conservative government will get Brexit done and provide the economic certainty that families and businesses need to plan for the future. We simply cannot afford the cost of Corbyn.”

Shadow Treasury minister Jonathan Reynolds said: "This is more fake news from Conservative HQ after Sajid Javid had his plan to use the civil service for party political ends scuppered.

“Labour will set out our plans and our costings fully when we release our manifesto.

“The Conservatives should spend more time looking at their own policies as they failed to produce costings at the last election and, as Kwasi Kwarteng demonstrated, have no idea about the cost of their own policies.”

Shadow Treasury minister Jonathan Reynolds said the Tories' claims were 'fake news'. Credit: PA

Over the weekend, Mr Javid said Labour would spend an extra £650m a day if they won the general election.

But Labour said the claims were a “ludicrous piece of Tory fake news” and an “incompetent mish-mash of debunked estimates and bad maths”.

Mr Javid said the proposals – which include plans to renationalise rail, mail, water and energy – were “absolutely reckless” and equivalent to funding the entire NHS budget for nine years.

The analysis, overseen by Mr Javid, and published in a 35-page dossier, is based on costings for Labour’s last manifesto and its most recent pledges, spread across a five-year period.

It assumes the Opposition would immediately sign up to a 32-hour week, abolish private schools and pilot a universal basic income.