If elected Labour have pledged to re-nationalise the railways and Royal Mail and bring some of the power and water industries into State ownership. They have also promised to bring an end to student loans. These and other measures will be very expensive and will require big increases in taxation and borrowing.
Key tax raising measures include increasing the corporation tax rate to 26% and income tax to 50% for Individuals with income in excess of £123,000.
The threshold for paying the current 45% top rate would also be reduced from the current £150,000 limit to just £80,000 supposedly increasing the tax paid by the top 5% of the population.
Labour would also increase the rates of capital gains tax and abolish the new additional inheritance tax nil band for passing on the family home.