Labour thinks it can raise £4.5bn from its tax crackdown on workers earning more than £80,000

Mark Sands
Follow Mark
Jeremy Corbyn Takes The Labour campaign bus to Lowestoft
The UK will head to the polls on 8 June. (Source: Getty)

The full scale of Labour's plans for a tax raid on high earners has emerged this morning, with a senior shadow minister confirming Jeremy Corbyn's party hopes to raise an eye-watering £4.5bn, alongside fresh hints of a 50 per cent tax rate.

Last week the party vowed to protect anyone earning less than £80,000 from tax rises, estimating that increases would affect only five per cent of workers.

Labour has yet to reveal how severely it will sting £80,000 earners, but shadow health minister Jon Ashworth this morning revealed the scale of the sums Corbyn is hoping to raise through the crackdown.

“I think what you will see tomorrow is that when Jeremy Corbyn and John McDonnell outline the manifesto you'll see them explain how the individual tax bands work.

"But I believe, as I understand it, we will raise something in the region of £4bn to £4.5bn from the income tax changes," Ashworth told BBC Radio 4, adding that "every penny piece" raised would go into the NHS.

Read More: Labour’s manifesto policies would turn the UK into an economic basket case

And asked on ITV whether the party's plans include a 50 per cent tax rate for the UK's professional classes, Ashworth replied "yeah".

Labour has long considered reintroducing a 50p rate - in the 2015 election, the party campaigned to increase the current 45 per cent tax for workers earning more than £150,000.

However, it is not yet clear the precise level at which the new top rate could come into effect.

PoliticsHome reports the party could reduce the point at which the 45 per cent rate kicks in to £80,000 from its current level of £150,000.

Related articles