Labour’s manifesto adds up… to economic ruin

Another day, another tax rise. So far in this campaign, the Labour party has rolled out one hit or another on the wealthy and big business just about every morning. The City is getting a Robin Hood tax on every financial transaction. Companies are getting a one-third increase in corporation tax. Anyone on more than £80,000 will see their income tax go up, and a new levy in high-earners will whack any business paying a star performer more than £330,000. They haven’t slapped a 50pc VAT rate on Range Rovers and Marc Jacobs crocodile handbags – but heck, it is still only Tuesday and there are still three more weeks of this stuff to go.

As it launched its manifesto today, the party made the audacious claim that its programme was ‘fully costed’. In fact,  Labour’s costings are so dodgy, it is hard to imagine that anyone is expected to take them seriously.