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For any copyright, please send me a message. The Labour Party unveiled its election manifesto on Thursday, with the outrageous spending plans estimated to cost whopping £700billion over the course of Parliament - excluding its expensive nationalisation plans. BBC economics editor Faisal Islam tweeted: “Currently totting up the Labour spending plans at over £135bn a year - £83bn day to day (though tax rises to cover this) plus at least £55bn on capital - about £700bn over Parliament. Nationalisations on top.” Jeremy Corbyn confirmed the party's intention to re-nationalise water and energy utilities, train firms and Royal Mail, and also wants to part-nationalise telecoms giant BT as part of a plan to bring free full-fibre broadband to everyone in the UK. The party said this part-nationalisation will cost around £20billion and admitted this would have to be paid for by borrowing, but BT boss Philip Jansen argued the scheme would cost a huge £100billion. Labour’s plan to introduce a four-day, 32-hour working week has also come under heavy fire, with the Centre for Policy Studies think tank warning it could add £45billion to the public sector pay bill. Other manifesto pledges include a “green transformation fund” worth £250billion, which would be focused on upgrading energy and transport networks to help Britain meet its tight decarbonisation targets. Abolishing tuition fees and re-establishing maintenance grants alone would cost £13billion, while rolling out free personal care for all over-65s would total cost £6billion in 2020/21 and rise to £8billion in 2030/31. But critics have again sounded the alarm over Labour’s extravagant spending plans, warning they will pile billions of pounds of debt onto UK taxpayers. Matthew Lesh, head of research at the Adam Smith Institute think tank, told Express.co.uk: “To pay for their billions of pounds of new spending Labour will have to jack up taxes and debt on individuals and businesses, meaning lower wages and fewer jobs. “Every taxpayer should be frightened about the consequences. “This will scare away investment and send entrepreneurs offshore, risking a catastrophic capital flight that tanks the value of the pound. “A run on the pound would mean higher prices and substantial inflation for consumer goods, fewer jobs, and less tax revenue to fund public services.” James Heywood, senior researcher at the Centre for Policy Studies, warned Labour’s spending plans are “so substantial” even the billions of pounds of tax hikes they are planning would “not come close to paying for them”. He told this website: “It’s a cliché, but ultimately every pound spent by government is a pound paid out of the pockets of taxpayers. “Labour’s spending commitments are so substantial that even th
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