Jeremy Corbyn's Labour party confirms plans for a new 50p tax rate in manifesto launch

 
Mark Sands
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Jeremy Corbyn Launches The Labour Party Election Manifesto
The UK will head to the polls on 8 June. (Source: Getty)

Labour has confirmed that it will bid to introduce a 50p top tax of income tax at its manifesto launch in Bradford today.

Jeremy Corbyn's is promising to embark on a programme of eye-watering tax increases for the UK's professional classes.

Earners taking home more than £80,000 will see their income tax bill climb to 45p under the plans.

In addition, a 50p tax rate will be introduced for workers earning above £123,000.

Labour's shadow health secretary yesterday revealed that the party hoped the programme would raise a total of £4.5bn.

Read More: Leaked Labour manifesto reveals General Election plans

Corbyn is launching the manifesto this morning, with the Conservatives due to follow suit later this week.

The manifesto is expected to lay out a total of £50bn in tax raising measures, with much of that coming from plans for an aggressive increase in corporation taxes.

The top level of corporation tax would be increased to 26 per cent, a plan that is already proving unpopular with some highly-respected experts.

It is also expected to introduce an ambitious programme of nationalisation, targeting the National Grid, the Royal Mail, railways and the UK's water companies.

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