Jeremy Corbyn plans to unveil a radical left-wing vision for Britain, including promises to renationalise industries and impose wage caps on companies, according to a leaked draft version of Labour’s General Election manifesto.
Under the plan a Labour government would bring the railways, some energy firms, and Royal Mail back into public ownership, according to a 43-page document leaked to two national newspapers.
The policies, if confirmed when Labour officially launches its manifesto, would represent the most left-wing election platform since Michael Foot led the party in the 1983 General Election.
A spokesperson for Jeremy Corbyn last night said: "We do not comment on leaks. We will announce our policies in our manifesto, which is our plan to transform Britain for the many not the few."
University tuition fees would be scrapped, while the government would commit to building 100,000 council homes per year.
The NHS would receive £6bn of extra funding every year, while £1.6bn would be earmarked for social care.
The promises for extra spending would be paid for with dramatic tax rises on people earning over £80,000 per year, while firms with public contracts would have enforced wage ratios of 20:1 between highest and lowest paid employees, according to reports.
Corbyn’s government would also borrow £250bn for infrastructure spending. While shadow chancellor John McDonnell has previously promised to balance the books on day-to-day spending, he has said he would borrow to fund investment.
Labour had already revealed a plan to raise corporation tax from 19 per cent to 26 per cent to fund increased investment in schools.
The plan for the energy industry is expected to say publicly owned energy companies would be established in every region of the UK as competitors to existing firms, while the UK’s energy grid could potentially be renationalised.
If elected, Corbyn’s Labour government would also aim for 60 per cent renewable energy by 2030.
A Conservative party spokesperson said: “The commitments in this dossier will rack up tens of billions of extra borrowing for our families and will put Brexit negotiations at risk.”