Sajid Javid slams John McDonnells 1.2trillion reckless Labour spending spree that risks bankrupting UK

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LABOURS election promises will cost taxpayers an extra 1.2trillion, an explosive report reveals.

If it comes to power, the partys splurge would more than double the debt of every family in the country.

Chancellor Sajid Javid has warned that the UK ‘cannot afford a Jeremy Corbyn spending spree’

Shadow Chancellor John McDonnell would have to find an extra 650million a day for five years to meet his reckless commitments

Shadow Chancellor John McDonnell would have to find an extra 650million a day for five years to meet his reckless commitments

Shadow Chancellor John McDonnell would have to boost spending by almost a third to meet his reckless commitments, the secret analysis reveals.

It means he would have to find an extra 650million a day for five years if he becomes Chancellor.

Tonight, economics experts said the costings of the spending were truly frightening and risked bankrupting Britain.

And it is feared the bill will be even higher when Labour unveils its manifesto in the coming weeks.

The eye-watering cost of a Labour election victory is laid bare in a 35-page report that Mr McDonnell did not want you to see.

Plans by Treasury chiefs to publish their analysis were blocked by Cabinet Secretary Sir Mark Sedwill last week. He stepped in after Mr McDonnell hit the roof when an official called to give him advance notice, it was claimed.

Labour claimed it would be an abuse of power to release the politically sensitive document ahead of a general election campaign.

But an unauthorised copy, obtained by The Sun on Sunday, exposes the real reason he was so keen to keep it under wraps.

Labour's biggest blowouts

  • 196billion: Renationalising British industries
  • 30billion: Energy saving refurbishment
  • 85billion: To put the nation on a four-day week
  • 7billion: Free buses for under 25s

It says that a Jeremy Corbyn victory will cost 1.2trillion over the next five years on top of what the government already spends.

The extra cash needed to fund the Labour leaders election pledges would mean increasing government spending by 30 per cent.

That is three times more than ex-PM Gordon Brown splurged after the financial crash.

Chancellor Sajid Javid said tonight: These are the numbers that Labour did not want you to see they show the true cost of Corbyn.

Now is the time for responsible investment, not reckless borrowing.

We simply cannot afford a Jeremy Corbyn spending spree that would saddle our children with huge amounts of debt and undo all the hard work of the British people in recent years.

The dossier reveals that Labours planned spending spree is almost double what they promised in the 2017 general election.

Its last manifesto would have cost 611billion to fulfil. Since then, the party has drawn up more than 590billion of extra spending pledges enough to send debt spiralling and hit the pockets of hard-working taxpayers.

A Jeremy Corbyn victory at the General Election will cost 1.2trillion over the next five years on top of what the government already spends

A Jeremy Corbyn victory at the General Election will cost 1.2trillion over the next five years on top of what the government already spends

Sir Mark Sedwill blocked plans to publish the analysis of Labours spending costs

Sir Mark Sedwill blocked plans to publish the analysis of Labour’s spending costs

Government spending would have to be increased by 30 per cent to find Labours election pledges - three times more than Gordon Brown splurged after the financial crash

Government spending would have to be three times more than Gordon Brown splurged after the financial crash to fund Labour’s election pledges

The extra 1.2trillion is equivalent to 62,827 for every household easily enough to pay off everyones mortgage and credit card debt.

The average UK debt, including mortgages, is 58,540, according to the Money Charity.

The dossier costs every penny of Labours spending commitments, which amount to 12 times as much as the extra 100billion promised by the Tories.

Renationalising the railways, energy networks, water and postal services would cost 196billion, the report states.

Free bus travel promised for under-25s would set the Treasury back a further 7billion and a vow to fit energy-saving insulation and refurbishments in every home would cost a further 30billion.

The promise of a four-day working week comes with an 85billion price tag, the document states.

Piloting a universal basic income a free-for-all handout to everyone including prisoners and the super-rich would eat up 4.5billion.

Guaranteeing a job to all energy workers, such as those in the oil and gas industry, would cost 8.7billion, while setting up tenants unions across the country would need a further 20million.

34k bet on Boris

A PUNTER has bet 34,000 on Boris Johnson to win the most seats.
Other wagers of 20,000 and 15,000 are backing the 1/6 shot. Betfair Exchange have Labour at 8/1 for most seats.
More than 5million has been bet on the election since it was called.
But with another hung Parliament likely, Betfairs Katie Baylis said: Friday 13th could be a true nightmare for all the main leaders.

The Chancellor branded Labours blueprint fantasy economics and said it was totally unsustainable.

Mr Javid added: Every time Labour get into power they spend beyond their means, leaving our country on the brink of bankruptcy.

But Corbyns 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.

Corbyns plans are the equivalent of scrapping all funding for the NHS for the next nine years and the British people will be expected to pay for it.

A vote for Corbyns Labour would mean frightening levels of debt that would take us decades to pay off. We simply cannot afford the cost of Corbyn.

Senior economists were swift to warn of the serious risks of such a massive spending increase.

A Treasury source likened it to the irresponsible spending of militant council boss Derek Hatton, who nearly sent the city of Liverpool broke in the 1980s.

The source said: The public have a right to know about this. The figures are insane.

Its nothing short of profligate splashing of taxpayers cash into a seemingly bottomless pit on a much grander scale than the one which nearly brought Liverpool to its knees.

From socialists to Tory curious

NAVY vets Scott and Charleine Wain, above, have supported Labour for a decade but this year they are unsure.

They fear anti-Semitism, business taxes and its lack of Brexit clarity.

Charleine, 35, now a hair salon boss, said: I always believed Labour was for the working class. But I want someone wholl support small business owners.

Scott, 40, runs a Plymouth photography firm. He said: I was shocked by Labour anti-Semitism allegations. We dont want to be taxed to the hilt. Boris is doing the best he can.

Shadow Treasury Secretary Peter Dowd said last week: The British people will pay for this as part of our investment package.

It will be money that we borrow and we will seek to invest that amount of money and the return as a result of a growing economy, more sustainable economy, will ultimately pay for that.

Professor Len Shackleton, research fellow at the Institute of Economic Affairs, called it Labours Christmas wish list.

He added: Schemes for massively increasing infrastructure spending and greening the entire housing stock in a short period of time will be hugely expensive and almost certainly impractical.

Delays to Crossrail and ongoing problems with HS2 show us that large-scale government projects rarely run without problems. Renationalising major industries will do little to improve their performance and will again cost a packet.

Labour needs to come out of Santas grotto and get real.

Paul Johnson, of the Institute for Fiscal Studies, said Mr McDonnells plan would more than double spending on public investment, sending it back to 1970s levels.

He added that the level of investment is so high it would be just physically impossible to get there that quickly.

Matt Kilcoyne, of the Adam Smith Institute, warned: John McDonnell could bankrupt Britain. His decision to throw away all fiscal discipline underlines the threat he poses to all families.

That doesnt even include the cost of Labours massive renationalisation programme.