A LABOUR government would increase taxes by almost £50 billion and borrowing by £25 billion a year to pay for “a fairer, more prosperous society”.

The party’s manifesto for the June 8 General Election envisages extra spending totalling £48.6 billion to pay for priorities like scrapping university tuition fees, raising the minimum wage to £10 an hour and pumping £6 billion a year into schools and £7 billion into health and social care.

Jeremy Corbyn announced yesterday that he would national water, energy, railways and the Royal Mail, while a new National Transformation Fund would borrow £250 billion over 10 years to pay for infrastructure improvements including a Crossrail for the North.

Launching the 124-page document in Bradford, Mr Corbyn said: “This is a programme of hope. The Tory campaign by contrast is built on one word — fear.

“Our proposals are of hope for the many all over this country and I am very proud to present our manifesto for the many, not the few.”

The independent Institute for Fiscal Studies think tank said Labour’s programme would take the tax burden to its highest level for around 70 years.

The Conservatives said that “every single working family in this country” would pay for Mr Corbyn’s proposals.

Mr Corbyn, who also promised to hire 10,000 new police officers and 3,000 new firefighters, insisted that Labour’s plans were fully costed, telling activists: “We can embark on this ambitious programme without jeopardising our national finances.”

Sir David Crausby, who is fighting to retain the Bolton North East seat he has held for 20 years, said: “I think this is an excellent manifesto.

“The policies are realistic, costed, and will be good for Britain.

“I think people earning more than £80,000 can afford to pay some more in taxes.

“The country has been through a very difficult period and austerity has been hard on people. It is my view that the right people to pay more tax are those who can.”