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Newspaper headlines: Economists ‘taken aback’ by Labour spending plans
Labour’s manifesto launch was an “upbeat” affair, according to the Guardian. But the paper says some analysts warn tax hikes “would be likely to have knock-on effects lower down the income scale”, while a think-tank director says the UK would have a “bigger state than Germany”.
The Daily Mail brands the plans a “tax robbery”. It says Labour leader Jeremy Corbyn’s “Marxist” manifesto “declares war on marriage, inheritance and business” and would result in a “crippling cost” for families. Experts warn tax rises would not be enough to fund the plans, it reports.
In a similar vein, the Daily Express tells readers that Labour’s plans amount to a “crippling tax raid on households”. It is one of several papers to include a warning from the Institute for Fiscal studies that the plan to pay for spending by raising taxes for the well-off is “simply not credible”.
But Daily Mirror readers are told the Labour Party is “on your side”. The paper says the proposals will “rebuild a country ravaged by nine years of crippling Tory austerity”. It also reports that theatre producer John Gore has given £1m to Prime Minister Boris Johnson’s campaign.
The Financial Times reports that Labour’s plans to raise taxes and “unleash a huge public spending drive” are “sparking fears across corporate Britain” about state intervention. One fund manager tells the paper that “the UK investment landscape will be time-warped back to the dark days of the 1970s” under the plans.
The Times reports that spending as a proportion of the economy would rise to 45.1% by 2024 – a level “briefly topped” during the post-war recessions. “Mr Corbyn’s plan by contrast is to increase the size of the state as a deliberate and sustained policy,” it says.
The i newspaper describes the plans in Labour’s manifesto as an “unprecedented public spending spree”. It notes that the party has three weeks to “overturn a 10-point gap in the polls”.
Another day, another Duke of York pun on the Metro’s front page. The paper says it was “business as usual” for Prince Andrew as he went to visit the Queen ahead of a trip to Bahrain. It features a picture of his ex-wife the Duchess of York – who, it says, visited “to give her support”.
The Sun, however, claims Prince Andrew was on his way to tell his private secretary “she was being sacked” and says he “has been forced to cancel” his Bahrain trip. It also reports that Sarah Ferguson “angered Palace staff by laughing as she arrived”.
The Telegraph leads on the announcement that the UK will repatriate orphaned British children living in Syria. The paper says it is “unclear if any more Britons will be repatriated”, but adds it has been told the government “would be likely to first assess” the cases of three women and their 10 children.
Meanwhile the Daily Star leads on a “Liam Gallagher fan” who “fears she will be scarred for life” after being hit in the chest by a flare at a gig.
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