Jeremy Corbyn has welcomed the IFS’s analysis of Labour’s manifesto but said he is “very confident” it can be delivered without tax hikes for anyone earning less than £80,000.
The IFS said that Labour would not be able to deliver on its promise to raise investment levels by £55 billion a year as the public sector does not have the capacity to “ramp up” that much that quickly.
Launching climate policies at Southampton FC’s stadium, the Labour leader said: “Yes, of course, we take on board the IFS comments.
“This country faces a crisis of injustice and poverty and inequality, and it faces a crisis of lack of investment.
“I think our manifesto is bold, it’s ambitious, it’s prepared, its thought-out and there’s a grey book that fully costs it.
“No other party has produced a costed manifesto, no other party has put themselves up for that kind of scrutiny and I’m quite happy to have that kind of scrutiny, as is John McDonnell and others.
“We are very confident that our manifesto can deliver improvements in the lifestyle and life chances of the poorest people in our country, and will not result in tax or national insurance increases for anyone earning less than £80,000 per year.”