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Labour manifesto: Income tax to increase for earners over £80,000 Labour manifesto: Income tax to increase for earners over £80,000
(35 minutes later)
An extra £6.4bn would be raised from income tax under plans in Labour's general election manifesto.An extra £6.4bn would be raised from income tax under plans in Labour's general election manifesto.
The rate would be increased to 45p for people earning over £80,000, with a new 50p rate for those on more than £123,000. The rate would increase to 45p for people earning over £80,000, and 50p those on more than £123,000, "to help fund our public services".
Labour said the total extra tax take - which also includes corporation tax rises and a crackdown on tax avoidance - would be £48.6bn.Labour said the total extra tax take - which also includes corporation tax rises and a crackdown on tax avoidance - would be £48.6bn.
Leader Jeremy Corbyn said the proposals were "radical and responsible". Jeremy Corbyn said the manifesto was a "programme of hope".
Other measures include an "excessive pay levy" on salaries above £330,000, more free childcare and the nationalisation of England's 10 water companies.Other measures include an "excessive pay levy" on salaries above £330,000, more free childcare and the nationalisation of England's 10 water companies.
The Tories said the sums "don't add up".The Tories said the sums "don't add up".
"Whatever your age or situation, people are under pressure, struggling to make ends meet," Mr Corbyn said as he launched the proposals in Bradford.
"Our manifesto is for you."
Labour is the first of the major parties to publish its manifesto ahead of the general election on 8 June.Labour is the first of the major parties to publish its manifesto ahead of the general election on 8 June.
Mr Corbyn will contrast his "programme of hope", which he will maintain is fully costed, with what he will claim is Theresa May's "fear-based" campaign and her "tight-fisted, mean-spirited" party. Mr Corbyn joked about last week's leak of a draft of the proposals as he said Labour would not increase VAT or National Insurance, with income tax rises reserved for the "richest 5% of high earners".
"People want a country run for the many not the few," he will say. The manifesto also includes:
"For the last seven years, our people have lived through the opposite, a Britain run for the rich, the elite and the vested interests. Mr Corbyn said he was confident that once voters could "study the issues" they would conclude: "That the few have prevailed over the many for too long.
"Labour's mission, over the next five years, is to change all that. "And that they will decide it is now time for Labour."
"It's a programme that will reverse our national priorities to put the interests of the many first. It will change our country while managing within our means."
Labour says 95% of people will not see their taxes go up.
Earlier shadow chancellor John McDonnell said Labour's nationalisation proposals represented a "significant intervention" by the government - "because that's what's needed" - but added that spending would be reduced in some areas.
'Distinctive choice''Distinctive choice'
By political correspondent Iain WatsonBy political correspondent Iain Watson
Don't be distracted too much by the detail. Labour's manifesto will have policies on everything from preserving the bee population to the provision of wifi on public transport.Don't be distracted too much by the detail. Labour's manifesto will have policies on everything from preserving the bee population to the provision of wifi on public transport.
And don't be mesmerised by what's known in political circles as "retail offers" - price caps and fare freezes.And don't be mesmerised by what's known in political circles as "retail offers" - price caps and fare freezes.
Taken together, Labour's prospectus offers the most distinctive choice for voters in a generation. At its core are three interlinked arguments: first that austerity holds back - rather than helps - economic growth, so Labour would borrow billions for investment.Taken together, Labour's prospectus offers the most distinctive choice for voters in a generation. At its core are three interlinked arguments: first that austerity holds back - rather than helps - economic growth, so Labour would borrow billions for investment.
Second, that the better off - not necessarily the fabulously wealthy - along with many businesses should pay more in tax to meet the day to day cost of providing public services.Second, that the better off - not necessarily the fabulously wealthy - along with many businesses should pay more in tax to meet the day to day cost of providing public services.
And third, that more regulation - and in some cases re-nationalisation - would ensure businesses operated in the interests both of consumers and the wider economy.And third, that more regulation - and in some cases re-nationalisation - would ensure businesses operated in the interests both of consumers and the wider economy.
Those close to Jeremy Corbyn believe this programme places Labour not on the far left of politics but in the mainstream of northern European social democratic thinking. Now there will be a bit of political cross-dressing in this campaign, with the Conservatives under Theresa May showing a bit more enthusiasm for limited state intervention.Those close to Jeremy Corbyn believe this programme places Labour not on the far left of politics but in the mainstream of northern European social democratic thinking. Now there will be a bit of political cross-dressing in this campaign, with the Conservatives under Theresa May showing a bit more enthusiasm for limited state intervention.
But the Labour manifesto will break with what's often known as the Anglo-Saxon economic model of lower taxation and flexible labour markets and in doing so, the party is distancing itself not just from the Conservatives but from its New Labour predecessor too.But the Labour manifesto will break with what's often known as the Anglo-Saxon economic model of lower taxation and flexible labour markets and in doing so, the party is distancing itself not just from the Conservatives but from its New Labour predecessor too.
A draft version of the Labour manifesto was leaked last week. The water industry, which was sold off in 1989 by the government of Margaret Thatcher, would be taken into public ownership either by simply buying the shares of the existing companies or by a compulsory measure whereby companies would have to be given government bonds in exchange for the shares.
The 51-page document included commitments to take the railways and the Royal Mail back into public ownership while also nationalising the electricity distribution and transmission networks.
The BBC understands Labour will also announce on Tuesday that it intends to take the multi-billion pound water industry into public ownership.
It would create nine new public bodies to run the water and sewage system in England.
By ending the practice of paying dividends to shareholders and reducing interest payments on debt, party sources say bills would be reduced by around £100 a year per household - the equivalent of a cut in water bills of around 25%.
The industry, which was sold off in 1989 by the government of Margaret Thatcher, would be taken into public ownership either by simply buying the shares of the existing companies or by a compulsory measure whereby companies would have to be given government bonds in exchange for the shares.
Free childcare
There will also be a commitment in the manifesto to provide 30 hours of free childcare for all two to four-year-olds, covering 1.3 million children.There will also be a commitment in the manifesto to provide 30 hours of free childcare for all two to four-year-olds, covering 1.3 million children.
Labour has already made a series of tax pledges, including increasing corporation tax by 19% to 26%, a "Robin Hood" tax on financial transactions and asking the top 5% of earners to pay more, to fund multi-billion pound spending commitments on health, education and policing.Labour has already made a series of tax pledges, including increasing corporation tax by 19% to 26%, a "Robin Hood" tax on financial transactions and asking the top 5% of earners to pay more, to fund multi-billion pound spending commitments on health, education and policing.
The manifesto will also include a pay levy designed to discourage companies from paying "excessive" salaries.The manifesto will also include a pay levy designed to discourage companies from paying "excessive" salaries.
Companies paying staff more than £330,000 will pay a 2.5% surcharge while salaries above £500,000 will be charged at 5%. Labour has said the move, designed to reduce pay inequality by bearing down on "very high pay", will only apply to firms with "high numbers of staff".Companies paying staff more than £330,000 will pay a 2.5% surcharge while salaries above £500,000 will be charged at 5%. Labour has said the move, designed to reduce pay inequality by bearing down on "very high pay", will only apply to firms with "high numbers of staff".
The Conservatives said taxpayers would have to foot the bill for Labour's unfunded spending commitments.The Conservatives said taxpayers would have to foot the bill for Labour's unfunded spending commitments.
"Jeremy Corbyn's economic ideas are nonsensical," said Treasury minister David Gauke."Jeremy Corbyn's economic ideas are nonsensical," said Treasury minister David Gauke.
"It is clear that Labour would have to raise taxes dramatically because his sums don't add up.""It is clear that Labour would have to raise taxes dramatically because his sums don't add up."
Do you have any questions about Labour's manifesto? Send us your questions and a BBC journalist will investigate the most popular.Do you have any questions about Labour's manifesto? Send us your questions and a BBC journalist will investigate the most popular.
Use this form to ask your question:Use this form to ask your question: