U.K. Spending to Surge Under Labour, Javid tells Telegraph

Madison Park

(Bloomberg) -- U.K. Chancellor of the Exchequer Sajid Javid said Jeremy Corbyn, leader of the opposition Labour Party, would increase spending by 1.2 trillion pounds ($1.5 trillion) over the next five years, the Sunday Telegraph reported.

Corbyn would increase spending more than three times faster than former Prime Minister Gordon Brown, the Telegraph cited Javid as saying, adding that he called the Labour Party’s expenditure plans “truly frightening.”

Under Labour, government spending would increase 30%, compared with 10% under Brown, the Conservatives said, according to the report. The figures were drawn up by the Conservative research department in a 36-page document based on pledges made in Labour’s 2017 manifesto.

Labour’s spending plans amounted to “scrapping all funding for the NHS for the next nine years,” Javid told the Telegraph, referring to the U.K.’s universal health-care system.

The U.K. general election is set for Dec. 12.

To contact the reporter on this story: Madison Park in San Francisco at mpark197@bloomberg.net

To contact the editors responsible for this story: Sebastian Tong at stong41@bloomberg.net, Linus Chua

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