Former Shadow Chancellor Chris Leslie says his successor’s £500 billion spending plan would double all taxes:

“The worry that I have is this suggestion of £500 billion. I mean, that’s an awful lot of either borrowing or extra taxation. In order to raise it you’d have to double income tax. You’d have to double National Insurance. You’d have to double council tax. And you’d have to double VAT as well.”

In his speech McDonnell quoted John Lennon’s Imagine. “Imagine there’s no money…”