A £250 billion National Transformation Fund will be invested over 10 years in infrastructure — transport, energy, universal high-speed internet — as well as on scientific research and housing fit for the 21st century, the Labour manifesto says.
A separate estimated sum of £48.6bn funded by taxation on corporations and very wealthy individuals will be spent on education, health and social care, work and benefits and additional jobs.
National Education Service & Early Years
– Schools: increasing funding, free school meals and arts pupil premium — (£6.3bn).
– Skills: introducing free further education tuition, equalising 16-19 funding and restoring the education maintenance allowance — (£2.5bn).
– Childcare and early years including more money for SureStart — (£5.3bn).
– Removing university tuition fees and restoring maintenance grants — (£11.2bn)
Health & Social Care
– NHS funding including free hospital car parking, but excluding higher pay and capital expenditure — (£5bn).
– Social care — (£2.1bn).
– Restoring nurses’ bursaries — (£0.6bn)
Scotland, Wales, Northern Ireland
– Funding to Scotland, Wales and Northern Ireland through the Barnett formula — (£6.1bn).
Work & Pensions
– Scrapping bedroom tax, increasing carers’ allowance, more universal credit funding, PIP benefits, restoring housing benefit for under-21s — (£4bn).
– Doubling paternity pay and paternity leave — (£0.3bn).
– State pensions, including for those affected by changes to state pension age since the 1995 Pensions Act — (£0.3bn).
– Introducing a minimum wage of at least £10 by 2020 with net fiscal benefits ring-fenced for small businesses — (nil).
– Recruiting an extra 10,000 police officers to work on community beats — (£0.3bn).
– Abolishing employment tribunal fees, recruiting more border guards, firefighters and tax staff — (£0.6bn).
Total Cost = £48.6bn
Here’s how Labour will raise the money