Labours John McDonnells plans to spend 55billion every year could bankrupt Britain, experts warn

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JOHN McDonnells hard-left plans to splurge a whopping 55billion every year could bankrupt Britain, experts warned.

The Labour plans would cost an eye-watering 1,900 per household, and would send borrowing soaring.

John McDonnells hard-left plans to splurge a whopping 55billion every year could ‘bankrupt Britain’, experts warned

The shadow chancellor plans to create a new 150bn social transformation fund to pour cash into schools, hospitals and care homes over the next five years.

This comes on top of 250bn to be spent on new eco projects like wind farms over the next decade.

Unveiling his radical plans in his hometown of Liverpool, Mr McDonnell said it will help usher in an irreversible shift in power.

The respected Institute for Fiscal Studies said this would more than double spending on public investment sending it back to 1970s levels.

The shadow chancellor plans to create a new 150bn social transformation fund to pour cash into schools, hospitals and care homes over the next five years

The shadow chancellor plans to create a new 150bn social transformation fund to pour cash into schools, hospitals and care homes over the next five years

Paul Johnson from the IFS warned it could be physically impossible to spend the cash quickly enough.

He warned: Do we really have tens of thousands of construction workers sitting idle at the moment? The answer is almost certainly no.

If anyone has ever had to sort out an extension they would know getting the building work started isnt something that can just happen the next day.

Matt Kilcoyne, deputy director of the Adam Smith Institute, told The Sun: John McDonnell could bankrupt Britain.

But the respected Institute for Fiscal Studies said this would more than double spending on public investment  sending it back to 1970s levels

But the respected Institute for Fiscal Studies said this would more than double spending on public investment sending it back to 1970s levels

His decision to throw away all fiscal discipline underlines the threat he poses to all British families. This doesnt even include the cost of Labours massive renationalisation programme.

High taxes on business might go down well with his union paymasters but it doesnt with actual workers.

They know their jobs depend on there being work to go to. Strikes, shut downs and seizures will bring down the economy and its the poorest wholl pay.

McDonnell and Corbyn has shown again that theyll ignore you and your family to benefit just their union baron mates.

But Labour have said the low interest rates mean it is a good time to borrow to invest in Briatins infrastructure.

BIZ BLAST AT PLANS

BUSINESS chiefs say Jeremy Corbyns unaffordable plan to let everyone choose their own pay and working hours could wreck the economy.

The Labour leaders scheme would create excessive bureaucracy and could put companies off hiring, according to leading industry figures.

Federation of Small Businesses chairman Mike Cherry added: Small firms should not have every employment decision they take vetted by Whitehall.

The Sun Says

IT would be laughable if it were not so scary.

Labours John McDonnell promised an extra 150billion of borrowing for social transformation, on top of 250billion already announced for green projects, on top of plans to renationalise swathes of industry, which are tipped to cost at least 176billion.

You might wonder how all this uncosted magic money will be paid for.

Dont worry, says McDonnell. The billions for renationalisation wouldnt really count as a debt but as assets.

For the other 400billion he plans to sting the rich and grab 300billion worth of shares from businesses.

Its fantasy economics. Wealthy job-creators would not stick around to be fleeced.

It would be ordinary earners getting hit by higher taxes, higher prices, lower salaries and lost jobs.

Experts warn McDonnell could bankrupt Britain and saddle the country with ballooning debt for generations.

Labours bribes would be the most expensive free money ever offered