Jeremy Corbyn was accused of being in ‘crazy town’ tonight after it emerged Labour’s spending plans are 30 times bigger than the Tories’.
The Conservative manifesto sets out that the party would pump an extra £3billion a year into public services.
That will be complemented by £3.6billion in tax cuts for low-paid workers and businesses, and paid for by delaying corporation tax cuts.
But the figure is dwarfed by the Labour ticket, which would see an eye-watering £83billion more on running costs, funded by swingeing tax increases for the better-off.
Shadow chancellor John McDonnell also dramatically revealed today that the party will hand another £58billion in compensation to so-called ‘WASPI’ women born in the 1950s who have seen their pension ages increased.
The total day-to-day spending commitments of around £94billion from Labour is around 30 times bigger than the £3billion from the Tories
That adds another £11billion a year to spending over the next five years.
The total commitments of around £94billion from Labour is around 30 times bigger than the £3billion from the Tories.
Mr Corbyn also plans to introduce a four day working week – which experts have warned could leave the NHS with a massive staffing bill.
And he has mooted a £400billion infrastructure ‘transformation fund’, nationalising a swathe of industries – including providing free broadband for everyone – and scrapping the state pension age increase.
By comparison, the Tories propose extra capital spending of around £100billion over the Parliament.
The Lib Dems are believed to have made pledges on day-to-day spending amounting to a £63billion a year increase.
Senior Tory sources told MailOnline that many of the party’s biggest financial pledges – such as huge additional fund for the NHS – had already been unveiled in the spending review in the Autumn.
They contrasted the cautious programme with Labour’s ‘deranged’ position.
‘They have gone to crazy town,’ the source added.
Appearing on Sky News earlier, Mr McDonnell made clear that the £58billion compensation for women pensioners will be funded from borrowing – meaning it will add to the country’s debt pile.
Jeremy Corbyn has called for massive increased in spending on public services – but polls suggest people are sceptical about whether he can deliver without crippling the economy
In another crippling blow, Mr Corbyn’s close ally Len McCluskey confirmed that the proposal had only been put together ‘in the last three days’.
The head of the respected IFS think-tank, Paul Johnson, said: ‘This drives a coach and horses immediately through the manifesto pledge to get to current budget surplus to remain at current budget balance.’
The compensation would be due to an estimated 3.7million women who believed they lost out financially due to changes in the state pension age.
The so-called ‘Waspi women’ have argued they were given insufficient time to prepare for the changes brought in by the former coalition government.
They have already lost a legal challenge on the issue – but are mounting an appeal.