Jeremy Corbyn’s radical Labour manifesto has already been torn apart by economic experts that warn it could cause a mass exodus of businesses from the UK. The Labour leader unveiled the long-anticipated party manifesto yesterday, with an attack on the establishment. However, the manifesto is also the most expensive in British political history, and the independent Institute for Fiscal Studies (IFS) had deemed it “simply not credible”.

During a tense interview on Sky News, shadow chancellor John McDonnell struggled to defend Labour’s plan to create the biggest tax burden since World War II.

Sky News’ Stephen Dixon pressed Mr McDonnell on claims that the tax policies will “drive businesses away from the UK”.

Mr Dixon said: “You talk about corporation tax being competitive. I’m not a tax expert, but the IFS are experts on this.

“They said it would raise more in corporation tax of percentage of national income than any other G7 country.”

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Mr Dixon continued: “The conclusion from that is Labour’s plans would drive business away from the UK.”

The shadow chancellor responded: “Quite the reverse. This will mean we are competitive with the rest of European countries.

“Let’s be clear, businesses tell me that they need more investment to get going in this economy and that is what we are doing.

“They are also saying, they need an educated and skilled workforce.

“We will take the reversal of the tax cuts to the corporations and invest that into education and skills training, that is exactly what these businesses want.”

Following the manifesto’s launch yesterday, the IFS described Jeremy Corbyn’s plans to raise a £83billion in extra taxes to fund an unprecedented public spending spree as “colossal”.

They warned that the size of the state could outstrip even Germany.

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The IFS disputes claims that Labour could achieve its policy aims without raising taxes on 95 percent of taxpayers.

A poll yesterday showed that Boris Johnson’s Conservatives still hold a clear 16-point lead over Labour.

An Ipsos MORI poll for The Evening Standard showed that 44 percent of voters backed the Tories, while 28 percent supported Labour.

Both the Liberal Democrats and the Brexit Party faced a “big squeeze” to the two main parties, according to the poll’s analysis.

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