Labour released its manifesto, today, and its critics were all over it (Telegraph), claiming a “£30 billion spending ‘black hole'” (as in, Labour was promising more money than it could raise). Normally, one should always take criticisms like this was a grain of salt, but given that Labour is also expecting billions from income tax increases – when recent evidence shows the UK is either at the revenue-maximizing point on the Laffer Curve or beyond it – the critics might be underselling their case here.
Mark Wallace at Conservative Home also poked some holes in Labour’s figures.
As for where the money goes, Corbyn is aiming to reverse some of the recent UK privatizations (including Royal Mail). He’s also targeting energy for “nationalization” – although Prime Minister Theresa May is all but certain to put some energy price regulations in her party’s manifesto.
T-minus 23 days…
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