Chancellor Philip Hammond slams Labour for 'reckless' economic plans in the lead up to the Budget later this month

The Chancellor accused Jeremy Corbyn’s leadership team of making an eye-watering 38 unfunded spending pledges since the Election.

And he insisted their “Marxist manifesto” would hammer the pockets of the ordinary people they claim to represent.

He told The Sun: “Labour claim they represent the ‘many not the few’, but this couldn’t be further from the truth.

“They have no regard for the public because they make promises that would cost us all. Their reckless and irresponsible approach would put the successes achieved through the hard work of the British people at risk.”

A new book last month revealed Labour chiefs had privately admitted their hard left 2017 manifesto hid £1 TRILLION of extra spending – equivalent to £3,500 for every household in Britain.

Senior Tories have been urging the Treasury to go on the attack ahead of the Budget on October 29 and re-make the case for capitalism.

One Government source claimed Labour’s leftie leadership were obsessed about taking their “share of the pie” from bankers and the wealthy – but never talked about “growing the pie” so everyone benefited.

Mr Hammond claimed Shadow Chancellor John McDonnell’s plan to hire a Bank of England governor “in tune with our ideas” would shatter its role as an independent institution.

And he said: “Their spending splurges would leave future generations paying off debt interest instead of investing in vital public services.

“From unemployment at a forty year low to wages growing at their fastest rate in ten years, we would all pay the price, just like last time.”

The Chancellor is under intense pressure to raise tax to pay for a £20 billion NHS bonanza. He last week hinted that pension tax reliefs will be cut – saying the cost to the Treasury is “eye watering”.

The Sun last month revealed the Treasury is expected to launch a new plastics tax on everything from coffee cups to fast food soft drink holders.

The Sun Says

LABOUR considers the well-off a grasping elite whose cash must be given to the poor.

They never consider how to grow an economy and create more wealth for all.

Only how to divvy up what exists.

The result, as Chancellor Philip Hammond points out, is inevitably ruin:

A stagnant, shrunken economy with everyone more equally poor.

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