Jeremy Corbyn will pledge to "drive growth across the whole of Britain" and create a million "good jobs" if Labour wins the 8 June general election.
At a campaign event in York Corbyn will highlight plans to set up a National Investment Bank that will leverage enough private finance to invest £250 billion ($322 billion) in infrastructure over 10 years. Coupled with a network of regional development banks and a national transformation fund this will help create the new jobs, Labour has said.
The party estimates it’ll create 100,000 jobs by encouraging offshore supply chains to move to the domestic market, 380,000 roles from moving to a low-carbon economy, and 257,000 house-building jobs. Another 130,000 jobs would stem from increased research and development spending, and 197,000 from higher investment in transport, education and digital infrastructure.
“When Labour talks about job creation we mean decent jobs – jobs that pay a real living wage, which people can get by on, and that give people a sense of pride and purpose,” Corbyn said in a statement emailed by his party. “Labour will invest to drive growth across the whole of Britain, creating wealth that is shared across our country, rather than concentrated in the hands of the few.”
Labour unveiled pledges costing £48.6 billion – to be funded from extra tax revenue – in its election manifesto.
The income tax rate would rise to 45p for earnings above £80,000 and then to 50p in each pound earned over £123,000.
Other fundraising measures include corporation tax rises, a crackdown on tax avoidance, and an "excessive pay levy" on salaries above £330,000.
However, the current government responded to the job creation pledges by saying that a Labour win would lead to fewer jobs.
“Jeremy Corbyn will not create jobs he will destroy them,” chancellor of the exchequer Philip Hammond said in a statement. “His reckless plans for higher taxes and more borrowing will wreck the economy and we will all pay the price.”