Labour To ‘Redistribute Wealth’ With Middle Class Tax Raids

The shadow chancellor, will set out an economic plan that will include an income tax hike, scrapping the Conservative inheritance tax reforms

Shadow chancellor John McDonnell (Google Images)

Shadow chancellor John McDonnell (Google Images)

Labour will unveil plans for the “redistribution of wealth” in the UK with a series of tax raids on the middle classes and a renewed attack on British business.

John McDonnell, the shadow chancellor, will address Labour’s conference in Brighton and set out an economic plan that will include an income tax hike, scrapping the Conservative inheritance tax reforms and increasing corporation tax.

Jeremy Corbyn at the Labour Party Annual Conference in Brighton Photo: Rex

Jeremy Corbyn at the Labour Party Annual Conference in Brighton Photo: Rex

He will also set out “radical” plans to overhaul the Bank of England, in a move that Mark Carney has warned will damage Britain’s economy and harm the elderly and the poorest in society.

Mr McDonnell will say that “a new politics needs a new economics” and that a Jeremy Corbyn-led government will “invest to grow the economy and for the proceeds of that growth to be shared more equally among all sections, regions and nations of our country”.

Mr Corbyn on Sunday used his first interview of the conference to renew his party’s attacks on British businesses.

He suggests a future Labour government would raise corporation tax and “chase down” British companies he suspects of tax evasion.

His comments, which had echoes of the damaging row Ed Miliband had with businesses ahead of the general election.

It came as Labour’s first party conference under Mr Corbyn’s leadership began in Brighton:

• Mr Corbyn’s plans to scrap the Trident nuclear deterrent were rejected by his own party after they were opposed by his union backers.

• Vernon Coaker, the shadow Northern Ireland secretary, said that Mr Cobyn will not play a leading role in peace talks in Northern Ireland following his comments about the IRA.

• Mr Corbyn said that a student who received a 32-month jail term for almost killing a police officer with a fire extinguisher during a protest received a “disproportionate” sentence.

• Mr Corbyn said that Trotskyists and Communists are “welcome” in the Labour Party.

• Labour called for the creation of “safe zones” in Syria but refused to say whether it may back air strikes in the country.

• Andy Burnham, the new shadow home secretary, said that Labour has “completely and utterly lost it” if it does not “want to listen” to Tony Blair.

“Somebody leaving a normal house to their children or family – fine…But when you cut overall the rate of inheritance tax, that means the very richest become richer because of it”
Jeremy Corbyn

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