Robert Peston Robert Peston

Corbyn has all but declared class war with this manifesto

I am not sure if it is class war exactly but something very like it is back.

Perhaps it is a hybrid of a class, eco and generational war. In that Labour is planning to sting those earning £80,000 a year or more with an additional tax burden just short of £20bn from higher taxes on income, capital and dividends.

As for businesses and financial institutions, they are being whacked for almost £50bn, in a dizzying array of increased levies on profits, assets and financial trading, and – eccentrically perhaps for a party saying it wants to encourage a green high-tech economy – a reduction in allowances for spending on research.

And there’ll be a further £11bn windfall levy on carbon-spewing oil companies – and businesses failing to meet environmental standards would be kicked off the stock exchange.

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