November 21, 2019 / 11:32 AM / 22 days ago

Labour plan to raise government spending by 83 billion sterling

FILE PHOTO: Britain's opposition Labour Party leader Jeremy Corbyn is seen during a visit to Birkenshaw Sports Barn as part of his general election campaign, in Uddingston, Britain November 13, 2019. REUTERS/Russell Cheyne

LONDON (Reuters) - Britain’s opposition Labour Party said on Thursday it would increase annual government spending by 82.9 billion pounds by the 2023/24 financial year if it wins Dec. 12’s national election, on top of increases in public investment.

Labour said in its manifesto that the extra spending would be fully covered by higher taxes on top earners and business.

The party said it would aim to run a balanced budget for non-investment spending after five years, and keep debt interest payments below 10% of tax revenues, but would waive these rules if the Bank of England restarted quantitative easing.

Reporting by David Milliken, editing by Andy Bruce

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