UK Labour’s draft election manifesto leaked

Britain’s opposition Labour Party will pledge to nationalize energy, rail and mail services, The Daily Telegraph reported on Wednesday, citing a leaked copy of Labour’s draft election manifesto.

Britain’s Prime Minister Theresa May has called an early national election scheduled for June 8.

According to the Telegraph, Labour will fund its spending commitments though a program of increased tax and 250 billion pounds ($323.18 billion) of borrowing over the next decade.

The draft manifesto, which will be debated and finalised by party officials on Thursday, intends to hike income tax for people earning more than 80,000 pounds a year, according to the report.

The 43-page document also says Labour will ensure that 60 percent of the UK’s energy comes from renewable sources by 2030, the newspaper added.

In response to the leaked manifesto, a Conservative Party spokesman said: “The commitments in this dossier will rack up tens of billions of extra borrowing for our families and will put Brexit negotiations at risk.”

Labour’s manifesto was not expected to be made public until next week.

The party had said that middle- and low-income earners would not face tax hikes to fund its spending plans if it wins next month’s election, with the burden falling instead on the top 5 percent of earners and big business.

Reuters could not confirm or deny the details in the report. The Labour Party was not immediately available to comment. (Courtesy Reuters)