Corbyn unveils a tax-and-spend Labour manifesto

It is increasingly common for politicians from various parties in various countries to seek elected office by promising lower taxes and higher spending.
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This is particularly prevalent in Northern Ireland, where such a combination is almost possible – because London has flooded the Province with money for so long.

But ultimately it is not sustainable to have low taxes and high spending, and such an approach is a route to financial ruin.

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Jeremy Corbyn is one of the most unpopular leaders of a mainstream British political party in recent decades but it is only fair to record that he is more candid than some other leaders have been. He is a traditional tax-and-spend leftist.

Mr Corbyn’s Labour manifesto was unveiled yesterday, which included a plan to raise taxes by almost £50 billion and borrowing by £25 billion a year. While there are very serious doubts as to whether his proposed tax rises will come even close to meeting his pledges (due to Labour over-stating the ability of rich individuals and companies to shoulder the increased tax burden) voters at least face a clear choice.

The Institute for Fiscal Studies says the Labour programme will lift the tax burden to the highest level for 70 years.

Debt in the UK is rising, and is set to continue to rise for the foreseeable future. Labour wants even more debt.

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On the other side of the fence, the Tories have hardly been candid about financial matters. While Theresa May is clearly committed to a lower level of taxation than Mr Corbyn, and is prepared to countenance some spending restraint, the cuts and reforms that a Conservative administration will have to make are greater than will be admitted during this campaign.

The demographic demands on the Treasury caused by an ageing population are set to grow in the coming years. Mr Corbyn’s response to such economic challenges that face Britain is not an unreasonable one, but voters should be under no illusions – it is a radical programme that will mean higher taxes for most taxpayers, particularly for those who are moderately well off or above. It will mean very high taxes for the affluent.