Manifesto published

Labour plans tax on oil and hikes investment in Scotland

Jeremy Corbyn

Jeremy Corbyn campaigning in Linlithgow last week (pic: Terry Murden)

Labour’s general election manifesto includes a windfall tax on oil companies and will see planned investment in Scotland rise from £70 billion to £100bn.

It will scrap the planned rise in the state pension age beyond 66. The party expects to raise an estimated £83bn in tax on higher earners and by reversing corporation tax cuts.

Jeremy Corbyn unveiled a range of commitments to re-balance wealth through new personal and business taxes to help to “transform” the UK into a low carbon, green economy.

Corporation tax would be hiked fro 19% to 26%. There will be more support for public transport, 300,000 new “green apprenticeships” and loans for people to buy electric cars.

The manifesto repeats earlier pledges to introduce a “real living wage” of at least £10 an hour and free broadband for all through nationalisation of part of BT.

Labour also plans to bring rail, mail, water and energy into public ownership. There will be a tax on second homes, VAT on private school fees, votes for 16 year olds, and a controversial pledge to renew the Trident nuclear deterrent and spend at least 2% of GDP on defence.

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