Revealed: Labour’s Manifesto Would Have Cost £1 Trillion

A few eyebrows were being raised yesterday as Theresa May claimed again at PMQs that Labour had admitted that their manifesto would have cost £1 trillion to implement. The author of the book which is the source of May’s claim, Philip Cowley, says May’s interpretation is not quite right. We’ve crunched the numbers with some top wonks…

Guido’s bean-counting co-conspirators confirmed that Labour’s 2017 manifesto would indeed have cost £1 trillion over a decade to implement. Forget £350 million a week – that’s £350 million every thirty hours…

Over ten years, the cost would be:

  • £486 billion of extra spending
    • Labour’s own costings document put the cost of their spending plans at an extra £48.6 billion a year
  • £206.5 billion of additional day-to-day spending not covered by Labour’s costings document, including:
    • £150 billion to build a million homes which previous Labour policy papers estimated would require £15 billion extra borrowing a year
    • £27 billion extra on early years childcare which was undercosted in their manifesto
    • £23 billion on an unfunded mass home insulation progamme
  • £304.5 billion of one-off capital spending, including

All of that adds up to £997 billion over ten years – almost bang on the trillion pound mark. This would amount to a staggering £35,200 of extra borrowing for every household in the UK. More new debt for every household than an average household’s disposable income for a year…




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Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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