John McDonnell reveals Labour will soak the rich and raise taxes on wealth-creating businesses

JOHN McDonnell has revealed Labour will soak the rich as well as hike tax on wealth-creating businesses. The Shadow Chancellor confirmed that income tax will go up on anyone earning £80,000 or above. The move will hit one in 20 workers, or a total of 123,000 people. In another move that experts say could damage […]

JOHN McDonnell has revealed Labour will soak the rich as well as hike tax on wealth-creating businesses.

The Shadow Chancellor confirmed that income tax will go up on anyone earning £80,000 or above.

The move will hit one in 20 workers, or a total of 123,000 people.

In another move that experts say could damage the economy, Labour’s financial supremo also said he still plans to ratchet up the tax burden on all firms by raising the level of Corporation Tax.

Mr McDonnell told BBC1’s Andrew Marr Show: “We will restore some of the tax cuts that have been given away to the corporations and we’ll use that for investment in skills and training”.

‘MAJOR REVERSAL’

The shadow chancellor also said Heathrow Airport’s expansion could be scrapped under Labour’s plans to tackle the climate crisis.

Blocking a third runway at the airport would be a major reversal of long-standing party policy.

Parliament gave the go-ahead last year for the expansion of the London airport, which published its masterplan in June to build a third runway by 2026.

Mr McDonnell also sought to reassure the Jewish community that Labour was trying to eradicate anti-Semitism after being shown three Jewish newspapers with highly-critical headlines.

He insisted: “I’m so saddened by this. I just want to reassure them that we’re doing everything we can”.

Tory chairman James Cleverly hit back: “Jeremy Corbyn fails to see that businesses are the backbone of our country, creating jobs and helping us to maintain a strong economy.

“Without them there would be no jobs and no investment, and it would be hard working people who pay the price.”

PA:Press Association

Tory chairman James Cleverly criticised Jeremy Corbyn’s decision and called businesses ‘the backbone’ of our country[/caption]

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