Labour would plunge Britain into an economic crisis “within months”, Sajid Javid has warned, as he defended the Conservative’s claim that Jeremy Corbyn’s policies would cost £1.2tn (€1.3tn)
The British Chancellor said the opposition would spend an extra £650 million a day if they win the General Election – labelling the levels of spending “eye-watering”.
But Labour has condemned the analysis as a “ludicrous piece of Tory fake news” and an “incompetent mish-mash of debunked estimates and bad maths”.
These are eye-watering levels of spending – £1.2tn (€1.3tn). It will be absolutely reckless and will leave this country with an economic crisis within months, not years.
Mr Javid said the proposals – which include plans to renationalise rail, mail, water and energy – were “absolutely reckless” and equivalent to funding the entire NHS budget for nine years.
He told BBC One’s The Andrew Marr Show: “This is the true cost of Corbyn’s Labour: these are the numbers that John McDonnell did not want you to see, and they’re out there today…
“These are eye-watering levels of spending – £1.2tn (€1.3tn).
“It will be absolutely reckless and will leave this country with an economic crisis within months, not years.”
But shadow chancellor John McDonnell said: “Labour will tax the rich to pay for things everyone needs and deserves, like decent housing, healthcare and support for our children.
“We will also use the power of the state to invest to grow our economy, create good jobs in every region and nation and tackle the climate emergency.
“The Conservatives will be able to read all about these plans – and how much they actually cost – when we publish our fully-costed manifesto.”