‘Conservatives haven’t even tried with this manifesto, it’s embarrassing,’ says Shadow Treasury Chief Secretary

You can look at average mortgage rates across the country. The way we get to that figure is that you look at the unfunded policies in the Conservative manifesto today. She said over £70 billion over the course of the parliament. If the Conservatives have not set out how they’re going to raise the money to pay for that adequately, you have to assume it will be paid for by borrowing.

There is a direct connection between national borrowing for unfunded policies from the Conservatives and family finances in terms of their mortgage. That’s how we get to the ‘on average’ estimate of an additional £4,800 on mortgage payments as a consequence of the borrowing to pay for over £70 billion of unfunded Conservative promises in their manifesto today.

Labour’s plan, which you’ll see in full detail on Thursday, is fully funded and fully costed. We’ve had to say how much money we’re going to put into HMRC, how we’re going to spend money in order to get money back out through tax avoidance measures. The Conservatives haven’t even tried today. It’s embarrassing.Just for clarity, so it’s about £4,800 on an average mortgage, 85 per cent of the average house price value, and that’s over five years.

What we’re not going to do, unlike the Conservatives today, is just make up promises that are not fully funded. The money is not there for the Conservative Party manifesto today, whereas the Labour Party manifesto is fully funded and fully costed with that guarantee not to increase income tax, National Insurance, or VAT on working people.I am. Can I just say I pride myself on being honest and answering questions frankly and straightforwardly. So let me do it now.

But all of our policies and our manifesto, which will be published on Thursday, are fully funded and fully costed, with the commitment not to increase income tax, VAT or National Insurance. And they’re funded by a small number of tax loophole closures on things like VAT on private schools, private equity bosses, bonuses, non-doms, tax avoidance and a windfall tax on the oil and gas giants for the money they’ve raised through the energy crisis.

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