Labour has announced it will target City of London traders with a ‘Robin Hood tax’ on financial deals if it wins power in next month’s general election.
Jeremy Corbyn’s party said it would extend a current 0.5 per cent stamp duty on share dealing to cover other forms of trading and claimed the move could raise more than £5bm a year.
It comes after a leak of Labour’s draft manifesto revealed a slew of spending plans that included state ownership of railways and energy and the reversal of some welfare reforms.
Mr Corbyn later promised “full costings” of the plans
The party – which according to polls faces a heavy defeat on 8 June – also announced a pledge to crack down on tax avoidance by the ‘super-rich’ and divert the revenue to public services.
It would force people earning over £1m a year to file their returns publicly and ‘large companies’ to put their tax records in the public domain at Companies House.