Labour to raise £20bn in corporation tax, introduce new 50p rate

The first major party to release its pre-election promises, Labour also said it will re-nationalise rail, water and the Royal Mail, and scrap tuition fees, in what has been described as its most radical manifesto since the 1970s and 80s. The 50p income tax rate will be introduced at a threshold of £123,000, while those earning more than £80,000 will be subject to a 45p rate, raising an additional £6.4bn from high earners. Meanwhile, corporation tax will be increased by more than a third to 26% by 2022, raising an extra £19.4bn for the coffers. Labour leader Jeremy Corbyn (pictured)...