Today we can reveal the numbers that Labour did not want you to see: the true ‘Cost of Corbyn’ is a staggering £1.2 trillion – the equivalent of all funding for the NHS for the next nine years.
Every time Labour get into power they spend beyond their means, leaving our country on the brink of bankruptcy. But Corbyn’s Labour is planning to embark on a record – and truly frightening - spending splurge. We are all still paying the price for the debt that the last Labour Government racked up, but this would be three times worse.
A vote for Corbyn’s Labour would mean the chaos of another two referendums and frightening levels of debt that would take us decades to pay off.
We simply cannot afford Corbyn’s spending spree:
A Corbyn Labour Government would spend an extra £1.2 trillion. When taken over a five-year period, Labour’s 2017 Manifesto commitments added up to more than £600 billion. Since then, they’ve made over £590 billion of extra spending pledges.
This is enough to keep our NHS running for nine years. Labour’s extra spending could fund the NHS for nearly a decade. £1.2 trillion is more than the GDP of Denmark, Ireland and Austria combined. It is 60 per cent of the UK’s total GDP. Put another way, that’s £650 million more a day, and almost £5 billion of extra spending every single week.
Labour would leave our country on the brink of bankruptcy:
Under Labour’s new fiscal rules, debt will rise and can continue to rise indefinitely and uncontrollably. John McDonnell has rewritten Labour’s rule for debt – meaning they could recklessly spend money at the expense of future generations. Under our new rules, debt will be lower at the end of next Parliament, while still allowing for step-change in investment.
The IFS said Labour’s spending splurge would take borrowing to levels not seen since the 1960s, when we were still paying off war debt. They said that Labour’s plans could lead to borrowing surpassing 100 per cent GDP for the first time since 1961. Paul Johnson, director of the IFS, said Mr McDonnell’s borrowing plans were ‘wholly unprecedented by orders of magnitude’ (The Telegraph, 6 November 2019, link).